TFX » Topics » Statement of Cash Flows Data:

This excerpt taken from the TFX 10-K filed Mar 20, 2006.
Statement of Cash Flows Data:
Net cash provided by operating activities from continuing operations
  $ 335,892     $ 254,795     $ 225,696     $ 193,000     $ 183,253  
Free cash flow(3)
  $ 226,721     $ 167,282     $ 118,517     $ 93,131     $ 74,094  
(1)  Certain reclassifications have been made to the prior years’ selected financial data to conform to current year presentation. Certain financial information is presented on a rounded basis, which may cause minor differences.
(2)  Amounts exclude the impact of certain businesses sold or discontinued, which have been presented in our consolidated financial results as discontinued operations.


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(3)  Free cash flow may be considered a non-GAAP financial measure. Regulation G, “Conditions for Use of Non-GAAP Financial Measures,” and other provisions of the Securities Exchange Act of 1934 (“1934 Act”) define and prescribe the conditions for use of certain non-GAAP financial information. We use this non-GAAP financial measure for internal managerial purposes, when publicly providing guidance on possible future results, and as a means to evaluate period-to-period comparisons. This non-GAAP financial measure is used in addition to and in conjunction with results presented in accordance with GAAP. This non-GAAP financial measure should not be relied upon to the exclusion of GAAP financial measures. This non-GAAP financial measure reflects an additional way of viewing an aspect of our operations that, when viewed with our GAAP results and the accompanying reconciliation to the corresponding GAAP financial measure, provides a more complete understanding of factors and trends affecting our business. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and to not rely on any single financial measure. The following is a reconciliation of this non-GAAP financial measure to the nearest GAAP measure as required under Securities and Exchange Commission rules.
    2005   2004   2003   2002   2001
    (Dollars in thousands)
Free cash flow
  $ 226,721     $ 167,282     $ 118,517     $ 93,131     $ 74,094  
Capital expenditures
    69,851       52,938       76,298       72,008       83,573  
    39,320       34,575       30,881       27,861       25,586  
Net cash provided by operating activities from continuing operations
  $ 335,892     $ 254,795     $ 225,696     $ 193,000     $ 183,253  
     We are focused on achieving consistent and sustainable growth through the continued development of our core businesses and carefully selected acquisitions. Our internal growth initiatives include the development of new products, moving existing products into market adjacencies in which we already participate with other products and the expansion of market share. Our core revenue growth in 2005 as compared to 2004, excluding the impacts of currency, acquisitions and divestitures, was 5%. During the first six months of 2005, our results were benefited by the contribution from the third quarter 2004 acquisition of Hudson Respiratory Care Inc., or HudsonRCI, a leading provider of disposable medical products for respiratory care and anesthesia. Further in 2005, we acquired a small repair products and services business in the Aerospace Segment for $8.0 million.
     During 2004, we commenced a portfolio review program that resulted in the sale of a number of non-core businesses and product lines in 2005:
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