Teleflex Incorporated · NYSE:TFX
Teleflex — Investor Day (December 2013)
96 slides from Teleflex's investor day presentation, Dec 17, 2013
Slide 1: Teleflex Incorporated 2013 Analyst Day
Teleflex Incorporated 2013 Analyst Day Jake Elguicze – Treasurer and Vice President of Investor Relations Exhibit 99.2
Slide 2: Agenda
Agenda 2 Strategic Overview Benson Smith – Chairman, President & Chief Executive Officer Gross Margin Opportunities Liam Kelly – Executive Vice President and President, International Tony Kennedy – Senior Vice President, Global Operations Product Mix & Innovation Jay White – Surgical Division Jan Ve
Slide 3: Agenda – Continued
Agenda – Continued 3 Financial Overview Thomas Powell – Executive Vice President & Chief Financial Officer Closing Comments Benson Smith – Chairman, President & Chief Executive Officer Question & Answer Product Demonstrations Lunch Reception
Slide 4: Forward Looking Statements
4 Forward Looking Statements This presentation and our discussion contain forward-looking information and statements including, but not limited to, our forecasted 2013 constant currency revenue growth, adjusted gross and operating margins and adjusted earnings per share; our longer-term financial go
Slide 5: Benson Smith – Chairman, President and CEO
Teleflex Incorporated 2013 Analyst Day Benson Smith – Chairman, President and Chief Executive Officer
Slide 6: Key Themes
6 Key Themes Teleflex Today Versus 2010 Preliminary 2013 Year In Review Preliminary 2014 Revenue Outlook Longer-Term Strategy and Opportunities
Slide 7: Teleflex in 2010
7 Teleflex in 2010 10% 80% Multi-industry company with businesses serving Medical, Aerospace and Commercial markets Note: amounts per 2010 Form 10K. 2010 Revenue by Business Segment 10% Medical Aerospace Commercial
Slide 8: Medical Division in 2010
8 Medical Division in 2010 Division aligned solely by geographic region Year-over-year constant currency revenue growth of 1% compared to 2009 Minimal revenue associated with new product introductions History of declining ASPs Significant backorders and poor on-time delivery record Market capitaliza
Slide 9: Teleflex Today
9 Teleflex Today Vascular Access Surgical Specialty Cardiac Care Anesthesia / Respiratory OEM Central, Peripheral and Arterial Vascular Access Catheters Catheter Tip Positioning Systems Intraosseous access devices Sheath Introducers Vascular Access Accessories Ligation Systems Closure Devices Laparo
Slide 10: Teleflex Today
10 Teleflex Today Diverse product portfolio capable of above-market growth rates Demonstrated the ability to increase ASPs over multi-year period in cost-sensitive hospital environment Enhanced product pipeline through a combination of internally developed and externally acquired technologies Substa
Slide 11: Preliminary 2013 Year In Review
11 Preliminary 2013 Year In Review Domestic utilization declines and European austerity measures pressure mature healthcare markets and Teleflex constant currency revenue growth rates as compared to initial expectations Despite macro uncertainty, Teleflex able to grow revenues above market growth ra
Slide 12: Preliminary 2013 Year In Review
12 Preliminary 2013 Year In Review Profitability improvement and facility rationalization initiatives continue Completed the North American Distribution Center consolidation program and integration of legacy Arrow ERP system to Teleflex SAP platform Integration of LMA acquisition is ahead of schedul
Slide 13: Updated 2013 Outlook
13 Updated 2013 Outlook Constant currency revenue growth expected to be between 8.0% and 8.7% Adjusted gross margins expected to be between 49.5% and 50% Adjusted operating margin expected to be between 16% and 17% Adjusted earnings per share expected to be between $4.85 to $5.00
Slide 14: Preliminary 2014 Revenue Outlook
14 Preliminary 2014 Revenue Outlook Preliminary 2014 constant currency revenue growth excluding impact of Vidacare acquisition of between 3% and 5% Vidacare expected to contribute between $68 to $72 million in revenue, or an additional 4.0% to 4.5% of constant currency revenue growth in 2014 Prelimi
Slide 15: Preliminary 2014 Revenue Outlook
15 Preliminary 2014 Revenue Outlook Preliminary 2014 constant currency revenue growth expectations assume modest growth in mature markets Investments in emerging markets (i.e. China and Latin America) continue to pay benefits and are anticipated to lead to higher overall revenue growth Vidacare, LMA
Slide 16: Longer-Term Strategy and Opportunities
16 Longer-Term Strategy and Opportunities Near-term uncertainty brought to healthcare marketplace due to implementation of Affordable Care Act Teleflex portfolio is well-positioned to take advantage of shifting healthcare environment Product lines designed to gain from aging demographics phenomena N
Slide 17: Longer-Term Strategy and Opportunities
17 Longer-Term Strategy and Opportunities To be successful in the future, Teleflex strategy is not dependent upon continued generation of above-market revenue growth Focused areas of additional investment Select distributor to direct conversions in Asia Investments in sales and marketing in China an
Slide 18: Longer-Term Strategy and Opportunities
18 Longer-Term Strategy and Opportunities Opportunistic approach to future M&A Continue to focus on combination of small to mid-sized technology and strategic acquisitions within our existing product verticals Continue to evaluate existing product portfolio and SKU rationalization opportunities Prud
Slide 19: Longer-Term Strategy and Opportunities
19 Longer-Term Strategy and Opportunities Remain committed to achievement of longer-term financial goals Constant currency revenue growth of 5% Adjusted gross margin of 55% Investment in research and development of 5% Adjusted operating margin of 25%
Slide 20: Thank you for your attention
Thank you for your attention
Slide 21: Liam Kelly – EVP & President, International
Teleflex Incorporated 2013 Analyst Day Liam Kelly – Executive Vice President & President, International
Slide 22: Key Themes
Key Themes 22 Teleflex International Today Versus 2010 International Strategy International Product Pipeline
Slide 23: Teleflex International Today versus 2010
Teleflex International Today versus 2010 9% 34% 48% 8% 12% 33% 47% 8% TFX Constant Currency Revenue Growth Highest in International Markets in 2013 23 2010 Net Revenues September 2013 YTD Net Revenues Americas EMEA Asia OEM Note: amounts per 2012 Form 10K and September 2013 Form 10Q.
Slide 24: Teleflex International Today
Teleflex International Today International Markets Not Dependent Upon any One Product or Procedure 24 18% 34% 21% September 2013 YTD Net Revenues Vascular & Interventional Access Anesthesia & Respiratory Urology Surgical Note: sourced from Company data. Cardiac 20% 7%
Slide 25: International Segment Operating Margins Highest in 2013
Teleflex International Today versus 2010 TFX Segment Operating Margins Highest in International Markets in 2013 25 18% 31% 42% 9% 24% 28% 38% 10% 2010 Segment Operating Profit September 2013 YTD Segment Operating Profit Americas EMEA Asia OEM Note: amounts per 2012 Form 10K and September 2013 Form 1
Slide 26: International Strategy (SMART)
26 International Strategy (SMART) S ales Growth Continue investment in China and Southeast Asia Make channel investments to control the customer relationship Focus on product registrations and clinical education Improve pricing through distributor to direct conversions / increased prices to distribu
Slide 27: International Product Pipeline
27 International Product Pipeline 2014 Pre-Activated Intermittent Catheters Surgical Clip Products in China LMA Protector Microlap Surgical Approach 2015 2016 Next Generation Intra-Aortic Balloon Pump LMA with Cuff Pilot EZ Blocker in Asia Note: New product introductions subject to obtaining require
Slide 28: International Summary
28 International Summary Well defined strategy Significant top-line growth rates Segment Operating Margins Above Company Average New product pipeline, combined with distributor to direct conversions, positions International for further growth and margin expansion
Slide 29: Tony Kennedy – SVP, Global Operations
Teleflex Incorporated 2013 Analyst Day Tony Kennedy – Senior Vice President, Global Operations
Slide 30: My Background
30 My Background Joined Teleflex in June of 2007 Previously responsible for all aspects of Teleflex’s International supply chain and operations efforts Promoted to the position of Senior Vice President of Global Operations role in 2013 Previously held similar operationally focused positions with Phi
Slide 31: Global Operations
31 Global Operations In mid-2010, Teleflex announced longer-term goals and objectives, including a goal of obtaining 55% gross margin While operating in a difficult macro-environment, the Company has made progress toward the achievement of this goal through: Prices increases Introduction of higher-m
Slide 32: Global Operations
32 Global Operations Global Operations team created earlier this year to focus on establishing a world-class, value-adding and efficient supply chain organization to meet our customer’s needs We are evaluating opportunities to improve operating leverage over a multi-year period, though no plans appr
Slide 33: Global Operations
Global Operations 33 While we are still in the process of evaluating all of our options, we think there is an opportunity to: • Reduce facility footprint and relocate manufacturing capacity to low-cost locations • Reduce direct material spending and make improvements to packaging • Invest in automat
Slide 34: Veleflex
Veleflex
Slide 35: Jay White – Surgical Division
Teleflex Incorporated 2013 Analyst Day Jay White – Surgical Division
Slide 36: Key Themes
36 Key Themes Surgical Strategic Priorities Closure Objectives and New Product Launches Access Objectives and New Product Launches Microlaparoscopy Objectives and New Product Launches Summary
Slide 37: Surgical Strategic Priorities
37 Surgical Strategic Priorities Strategic Summary To become a leading, global surgical device business focused on customer solutions Closure Objectives Drive penetration and expand market opportunity for existing polymer ligation platform Successful development and execution of automatic ligation p
Slide 38: Global Closure Market
38 Global Closure Market $442 $465 $488 $506 $537 $569 $162 $173 $184 $196 $208 $220 $477 $483 $490 $500 $530 $561 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2012 2013 2014 2015 2016 2017 Appliers Clips Suture Market data based on management estimates. Actual amounts could differ.
Slide 39: Closure Objectives
39 Closure Objectives Core Existing Products Drive penetration and expand market opportunity for existing polymer ligation platform Successful development and execution of automatic ligation platform Optimize pull thru with robotic procedures New Product Offerings Disposable automatic enhancements a
Slide 40: Closure New Product Offerings
40 Reposable Platform Disposable Platform Closure New Product Offerings L 10mm ML 5mm Note: New product introductions subject to obtaining required governmental approvals and authorizations.
Slide 41: Global Access Market
41 Global Access Market $747 $755 $763 $772 $778 $783 Market data based on management estimates. Actual amounts could differ. $720 $730 $740 $750 $760 $770 $780 $790 2012 2013 2014 2015 2016 2017
Slide 42: Access Objectives
42 Access Objectives Core Existing Products Continued partnership with robotics companies Successful commercialization of Weck EFx – Endo Facial Closure System Successful commercialization of Weck Vista – Bladeless Laparoscopic Access Ports New Product Offerings Next generation port closure platform
Slide 43: Access New Product Offerings
43 Access New Product Offerings Next Generation Port Closure Addresses concern over sharps into the cavity Potential for closure without direct visualization Next Generation Access Port Seal System Universal capabilities Mitigates cost and dependence on magnet components Note: New product introducti
Slide 44: Evolution of Minimally Invasive Surgery
44 Evolution of Minimally Invasive Surgery Standard Laparoscopy Single Port NOTES Micro Laparoscopy What is it? Three or more 5-12 mm devices in abdomen All devices used through single umbilical port Devices inserted through natural orifice and internal incisions Standard umbilical port + multiple ~
Slide 45: Evolution of Minimally Invasive Surgery – Pros
45 Evolution of Minimally Invasive Surgery Standard Laparoscopy Single Port NOTES Micro Laparoscopy Pros Current Standard of Care Almost invisible umbilical scar Reduced post- operative pain Less blood loss Faster recovery No external scarring Fewer infections Less hernia formation Reduced scarring
Slide 46: Evolution of Minimally Invasive Surgery – Cons
46 Evolution of Minimally Invasive Surgery Standard Laparoscopy Single Port NOTES Micro Laparoscopy Cons Lack of triangulation Risk of seroma or hernia Requires re- training Increased operation time Cost Poor availability of optimized equipment Not reimbursed Requires re- training Ergonomics of tool
Slide 47: Eon Surgical – Overview
47 Eon Surgical – Overview Tools Intersleeve Camera Telescoping Needle with Handle Acquired in June of 2013, Eon Surgical is a late stage development company that has advanced a minimally invasive micro-laparoscopy surgical platform technology designed to enhance surgeons’ ability to perform scarles
Slide 48: Patented Approach to Percutaneous Surgery
Patented Approach to Percutaneous Surgery 48 Step 1: Percutaneous entry of 3mm instrument and insertion of standard 10mm port in umbilicus Step 2: Insertion of patented intersleeve through trocar. Distal end of instrument shaft exits through intersleeve Step 3: Attachment / detachment of exchangeabl
Slide 49: Surgical Strategy
Surgical Strategy 49 • Aligned focus and resources • Selective market investment • Revenue growth from higher-margin products • Technology advancements • New technology adoption • Compress development cycle • Market development/professional education • Customer advocacy • Robust R&D pipeline • Trans
Slide 50: Thank you for your attention
Thank you for your attention
Slide 51: Jan Verstreken – President, Asia Pacific
Teleflex Incorporated 2013 Analyst Day Jan Verstreken – President, Asia Pacific
Slide 52: Key Themes
52 Key Themes Laryngeal Mask Industry Trends LMA Integration Update LMA Strategic Priorities LMA New Product Launches
Slide 53: Laryngeal Mask Industry Trends
53 Laryngeal Mask Industry Trends Increased market adoption of second generation LMA device Clinicians desire ability to monitor cuff-pressure Interest in use of laryngeal masks in longer procedures Growing desire in adding visualization to airway management
Slide 54: LMA Integration Update
54 LMA Integration Update On-pace to achieve 2013 revenue expectations and exceed 2013 adjusted earnings per share expectations Multi-year integration of LMA acquisition ahead of schedule Continued market adoption of second generation device in all regions 2013 acquisition of Ultimate Medical, and a
Slide 55: LMA Strategic Priorities
55 LMA Strategic Priorities Strategic Summary Maintain global leadership position in supra-glottic airway management. Make Teleflex supra-glottic airway devices the number one choice of clinicians when selecting a ventilation option Increase indications for use of second generation product and conti
Slide 56: New Product Launches – LMA Protector
56 PRODUCT DESCRIPTION LAUNCH DATE New Product Launches – LMA Protector™ 3rd Generation Laryngeal Mask Airway All silicone, single use product Flexible fixed-curve tube allows ease of insertion ‘non-digital’ and anatomical conformity Dual gastric drainage channel and pharyngeal chamber to improve la
Slide 57: New Product Launches – LMA Endoscopy
PRODUCT DESCRIPTION LAUNCH DATE New Product Launches – LMA Endoscopy 57 Laryngeal Mask Airway for upper endoscopic procedures, to provide an airway while not impeding use of the endoscope All Silicone, single use product Large diameter endoscope channel Atraumatic endoscope insertion Protection of e
Slide 58: New Product Launches – LMA Flexible Gastric Access
PRODUCT DESCRIPTION LAUNCH DATE New Product Launches – LMA Flexible™ Gastric Access 58 2nd Generation Laryngeal Mask Airway for shared airway procedures offering improved protection against regurgitation and aspiration All silicone, single use product Low profile back plate for easy access to operat
Slide 59: Thank you for your attention
59 Thank you for your attention
Slide 60: Justin McMurray – VP & GM of Vidacare
Teleflex Incorporated 2013 Analyst Day Justin McMurray – Vice President & GM of Vidacare
Slide 61: Vidacare Corporation – Overview
61 Vidacare Corporation – Overview Established in 2001, Vidacare Corporation is the developer of a broad technology platform that is defining the field of intraosseous (inside the bone) medicine. Focus on enhancing clinical efficacy, patient safety and comfort, and reducing complications and their a
Slide 62: EZ-IO Intraosseous Vascular Access
62 EZ-IO® Intraosseous Vascular Access V EZ-IO ® provides an elegant solution for Difficult Vascular Access. • Safe: <1% serious complication rate • Fast: Vascular access with anesthesia and good flow in 90 seconds • Efficient: 97% first - attempt access success rate • Versatile: Can be placed by an
Slide 63: OnControl Bone Marrow Biopsies
63 OnControl™ Bone Marrow Biopsies OnControl ™ Bone Marrow Biopsies: The first significant advance to bone marrow biopsies in more than 50 years. • 98% core capture rate on the first attempt • Higher quality sample • Easier and faster • Less patient pain
Slide 64: OnControl Bone Access System
64 OnControl™ Bone Access System Hard Bone Lesions Made Easy • Rapid Access to difficult bone lesions • Quality Exceptional core biopsy samples, quickly and consistently • Precise Control with clear visibility through imaging
Slide 65: The EZ-IO Intraosseous Infusion System Training
65 The EZ-IO Intraosseous Infusion System Training https://www.dropbox.com/home/2013%20Analyst%20Day
Slide 66: OnControl Single Needle Approach
66 OnControl Single Needle Approach https://www.dropbox.com/home/2013%20Analyst%20Day
Slide 67: Vidacare Corporation – Summary
67 Vidacare Corporation – Summary Expands vascular access product portfolio with a defining technology and moves TFX into the IO segment Strengthens EMS channel & Nursing call points High gross and operating margin profile consistent with longer-term corporate objectives Accretive transaction which
Slide 68: Thank you for your attention
Thank you for your attention
Slide 69: Question and Answer Session
Question and Answer Session
Slide 70: Intermission
Intermission
Slide 71: Thomas Powell – EVP and Chief Financial Officer
Teleflex Incorporated 2013 Analyst Day Thomas Powell – Executive Vice President and Chief Financial Officer
Slide 72: Key Themes
72 Key Themes Updated 2013 Financial Outlook Preliminary 2014 Financial Outlook and Assumptions Summary
Slide 73: Updated 2013 Financial Outlook
73 Updated 2013 Financial Outlook Constant currency revenue growth expected to be between 8.0% and 8.7% • Previously provided constant currency revenue growth range of 8.5% to 10% Adjusted gross margins expected to be between 49.5% and 50% Adjusted operating margin expected to be between 16% and 17%
Slide 74: Preliminary 2014 Financial Outlook and Assumptions
74 Preliminary 2014 Financial Outlook and Assumptions Constant currency revenue growth expected to be between 7% and 9% • Full year impact of Vidacare and distributor-to-direct conversions • Growth from new product pipeline comparable to 2012-2013 levels • Assumption of modest base volume growth • D
Slide 75: Preliminary 2014 Financial Outlook and Assumptions
75 Preliminary 2014 Financial Outlook and Assumptions Gross margin anticipated to improve by approximately 200bps to 300bps and reach 52.0% to 52.5% • Vidacare acquisition at 85% gross margin • Pricing and margin gains from distributor to direct strategy • Manufacturing cost improvement programs Adj
Slide 76: Preliminary 2014 Financial Outlook and Assumptions
76 Preliminary 2014 Financial Outlook and Assumptions Adjusted earnings per share anticipated to be between $5.35 and $5.55 per share • Represents growth of between 7% and 14% as compared to forecasted 2013 EPS range Adjusted weighted average shares expected to be ~44 million
Slide 77: Preliminary 2014 Financial Outlook and Assumptions
Preliminary 2014 Financial Outlook and Assumptions 77 Euro to U.S. Dollar exchange rate assumed to be ~1.30 1 fewer selling day in Q2’14 vs. Q2’13; 1 additional selling day in Q4’14 vs. Q4’13
Slide 78: Preliminary 2014 Revenue Outlook
Preliminary 2014 Revenue Outlook Revenue Growth Expectations Favorable to Industry / Market 78 Volume - Core Business 0.75% 1.00% New Product Introductions 1.25% 1.75% Pricing - Core Business 0.00% 0.25% Constant Currency Revenue Growth Excluding M&A and Distributor-to-Direct 2.00% 3.00% Vidacare 4.
Slide 79: Preliminary 2014 Adjusted Gross Margin Outlook
52.0% to 52.5% 48.3% 47.1% 44.4% 49.5% to 50.0% Preliminary 2014 Adjusted Gross Margin Outlook 79 40% 45% 50% 55% 2010A 2011A 2012A 2013E 2014E 2014 Adjusted Gross Margin Drivers Vidacare Distributor-to-Direct Pricing Cost Programs Gross Margin Gains Driven by Vidacare, Distributor-to-Direct and Cos
Slide 80: Preliminary 2014 Adjusted Operating Margin Outlook
17% to 18% 16% to 17% 16.2% Preliminary 2014 Adjusted Operating Margin Outlook 80 15.0% 15.5% 16.0% 16.5% 17.0% 17.5% 18.0% 18.5% 19.0% 2012A 2013E 2014E 2014 Adjusted Operating Margin Drivers Gross Margin Expansion Vidacare & Distributor-to-Direct Opex Reallocate investment from low-growth to high-
Slide 81: Preliminary 2014 Tax Planning Strategy
Preliminary 2014 Tax Planning Strategy Tax Planning Strategies Expected to Reduce the Sustainable Non-GAAP Tax Rate to 22.5% to 23.5% 81 22.5% to 23.5% 24% 28% Rate Drivers 2013 Forecast - Discrete or non-sustainable benefits and planning opportunities - Global Supply Chain Optimization (partial yea
Slide 82: Veleflex
Veleflex:
Slide 83: Preliminary 2014 Financial Outlook Summary
Preliminary 2014 Financial Outlook Summary 83 Continue to expect strong constant currency revenue growth fueled by a combination of modest volume growth and new product introductions combined with distributor-to-direct conversions and Vidacare Cost improvements, distributor-to-direct and Vidacare ac
Slide 84: Benson Smith – Chairman, President and CEO
Teleflex Incorporated 2013 Analyst Day Benson Smith – Chairman, President and Chief Executive Officer
Slide 85: Closing Comments
Closing Comments 85 Well-positioned portfolio of products able to take advantage of shifting healthcare environment Success in the future not dependent upon continued generation of above-market revenue growth Opportunity to improve operating leverage over multi-year period Opportunistic and conserva
Slide 86: Question and Answer Session
Question and Answer Session
Slide 87: Thank you for your attention
Thank you for your attention
Slide 88: Appendices
Appendices
Slide 89: Gross Profit and Margin Reconciliation
Gross Profit and Margin Reconciliation Dollars in Millions 89 Note: GAAP results represent amounts per Form 10K during year filed. 2010 2011 2012 Gross profit $794.1 $718.8 $748.2 Losses and other charges 5.9 2.0 0.5 Adjusted gross profit $800.0 $720.8 $748.7 Percentage of revenue 44.4% 47.1% 48.3%
Slide 90: Operating Profit and Margin Reconciliation
Operating Profit and Margin Reconciliation Dollars in Millions 90 Note: GAAP results represent amounts per Form 10K during year filed. 2012 Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes ($97.4) Goodwill impairment 332.1 Restructuring and other im
Slide 91: 2013 Forecasted Constant Currency Revenue Growth Reconciliation
2013 Forecasted Constant Currency Revenue Growth Reconciliation 91 Low High Full Year 2013 Forecasted GAAP Revenue Growth 8.3% 9.0% Foreign Exchange (0.3%) (0.3%) Full Year 2013 Forecasted Constant Currency Revenue Growth 8.0% 8.7%
Slide 92: 2014 Forecasted Constant Currency Revenue Growth Reconciliation
2014 Forecasted Constant Currency Revenue Growth Reconciliation 92 Low High Full Year 2014 Forecasted GAAP Revenue Growth 6.0% 8.0% Foreign Exchange 1.0% 1.0% Full Year 2014 Forecasted Constant Currency Revenue Growth 7.0% 9.0%
Slide 93: 2013 and 2014 Forecasted Gross Margin Reconciliation
2013 and 2014 Forecasted Gross Margin Reconciliation 93 2013 2014 Forecasted GAAP Gross Margin 49.4% 49.9% 52.0% 52.5% Losses and other charges 0.1% 0.1% - - Forecasted Adjusted Gross Margin 49.5% 50.0% 52.0% 52.5% In 2013, losses and other charges include acquisition and severance costs, and a rese
Slide 94: 2013 and 2014 Forecasted Operating Margin Reconciliation
2013 and 2014 Forecasted Operating Margin Reconciliation 94 2013 2014 Forecasted GAAP Operating Margin 16.0% 17.0% 16.6% 17.5% Losses and other charges - - 0.4% 0.5% Forecasted Adjusted Operating Margin 16.0% 17.0% 17.0% 18.0% In 2013, losses and other charges include the reversal of contingent cons
Slide 95: 2013 Forecasted Earnings Per Share Reconciliation
2013 Forecasted Earnings Per Share Reconciliation 95 Low High Diluted earnings per share attributable to common shareholders $3.45 $3.60 Restructuring, impairment charges, and special items, net of tax $0.50 $0.50 Intangible amortization expense, net of tax $0.75 $0.75 Amortization of debt discount
Slide 96: 2014 Forecasted Earnings Per Share Reconciliation
2014 Forecasted Earnings Per Share Reconciliation 96 Low High Diluted earnings per share attributable to common shareholders $3.68 $3.83 Restructuring, impairment charges, and special items, net of tax $0.65 $0.70 Intangible amortization expense, net of tax $0.85 $0.85 Amortization of debt discount