Teledyne Technologies Reports Third Quarter Results

This financial statement was prepared in accordance with U.S. generally accepted accounting principles.

TELEDYNE TECHNOLOGIES INCORPORATED

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

FOR THE THIRD QUARTER AND NINE MONTHS ENDED OCTOBER 3, 2021 AND SEPTEMBER 27, 2020

(Unaudited - in millions, except per share amounts)

 

Third Quarter 2021

 

Third Quarter 2020

 

Income
before
income
taxes

 

Net income

 

Diluted
earnings per
common
share

 

Income
before
income
taxes

 

Net income

 

Diluted
earnings per
common
share

GAAP

$

167.9

 

 

$

134.1

 

 

$

2.81

 

 

$

119.7

 

 

$

93.9

 

 

$

2.48

 

Adjusted for specified items:

 

 

 

 

 

 

 

 

 

 

 

FLIR transaction and integration costs

1.8

 

 

1.7

 

 

0.04

 

 

 

 

 

 

 

FLIR inventory step-up expense

35.2

 

 

27.1

 

 

0.57

 

 

 

 

 

 

 

Acquired intangible asset amortization

55.3

 

 

42.6

 

 

0.88

 

 

9.9

 

 

7.6

 

 

0.20

 

Acquisition-related foreign tax matters

 

 

1.7

 

 

0.04

 

 

 

 

 

 

 

Non-GAAP

$

260.2

 

 

$

207.2

 

 

$

4.34

 

 

$

129.6

 

 

$

101.5

 

 

$

2.68

 

 

Nine Months 2021

 

Nine Months 2020

 

Income
before
income
taxes

 

Net income

 

Diluted
earnings per
common
share

 

Income
before
income
taxes

 

Net income

 

Diluted
earnings per
common
share

GAAP

$

361.3

 

$

283.5

 

 

$

6.58

 

 

$

328.6

 

 

$

269.8

 

 

$

7.14

 

Adjusted for specified items:

 

 

 

 

 

 

 

 

 

 

 

FLIR transaction and integration costs

102.2

 

 

88.2

 

 

2.05

 

 

 

 

 

 

 

FLIR inventory step-up expense

58.6

 

 

45.1

 

 

1.04

 

 

 

 

 

 

 

Acquired intangible asset amortization

97.9

 

 

75.3

 

 

1.75

 

 

29.2

 

 

22.3

 

 

0.59

 

Acquisition-related foreign tax matters

 

 

14.1

 

 

0.33

 

 

 

 

 

 

 

Bridge loan and debt extinguishment fees

30.6

 

 

23.3

 

 

0.54

 

 

 

 

 

 

 

Non-GAAP

$

650.6

 

 

$

529.5

 

 

$

12.29

 

 

$

357.8

 

 

$

292.1

 

 

$

7.73

 

 

 

Third Quarter 2021

 

Third Quarter 2020

 

 

Operating
income

 

Operating
margin

 

Operating
income

 

Operating
margin

GAAP

 

$

189.6

 

 

14.5

%

 

$

122.5

 

 

16.4

%

Adjusted for specified items:

 

 

 

 

 

 

 

 

FLIR transaction and integration costs

 

1.8

 

 

 

 

 

 

 

FLIR inventory step-up expense

 

35.2

 

 

 

 

 

 

 

Acquired intangible asset amortization

 

55.3

 

 

 

 

9.9

 

 

 

Non-GAAP

 

$

281.9

 

 

21.5

%

 

$

132.4

 

 

17.7

%

TELEDYNE TECHNOLOGIES INCORPORATED

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

FOR THE THIRD QUARTER AND NINE MONTHS ENDED OCTOBER 3, 2021 AND SEPTEMBER 27, 2020 (continued)

(Unaudited - in millions, except per share amounts)

 

 

Nine Months 2021

 

Nine Months 2020

 

 

Operating
income

 

Operating
margin

 

Operating
income

 

Operating
margin

GAAP

 

$

429.2

 

 

13.3

%

 

$

336.3

 

 

14.8

%

Adjusted for specified items:

 

 

 

 

 

 

 

 

FLIR transaction and integration costs

 

102.2

 

 

 

 

 

 

 

FLIR inventory step-up expense

 

58.6

 

 

 

 

 

 

 

Acquired intangible asset amortization

 

97.9

 

 

 

 

29.2

 

 

 

Non-GAAP

 

$

687.9

 

 

21.2

%

 

$

365.5

 

 

16.1

%

 

 

October 3, 2021

 

January 3, 2021

Current portion of long-term debt and other debt - GAAP

 

$

 

 

$

97.6

 

Long-term debt - GAAP

 

4,441.7

 

 

680.9

 

Total debt - non-GAAP

 

4,441.7

 

 

778.5

 

Less cash and cash equivalents - GAAP

 

(551.8

)  

 

(673.1

Net debt - non-GAAP

 

$

3,889.9

 

 

$

105.4

 

 

 

Fourth Quarter 2021

 

Total Year 2021

 

 

Low

 

High

 

Low

 

High

GAAP Diluted Earnings Per Common Share Outlook

 

$

2.53

 

 

$

2.69

 

 

$

9.13

 

 

$

9.29

 

Adjusted for specified non-GAAP items:

 

 

 

 

 

 

 

 

FLIR transaction and integration costs

 

0.05

 

 

0.03

 

 

2.08

 

 

2.06

 

FLIR inventory step-up expense

 

0.58

 

 

0.56

 

 

1.63

 

 

1.61

 

Acquired intangible asset amortization

 

0.89

 

 

0.87

 

 

2.65

 

 

2.63

 

Acquisition-related foreign tax matters

 

0.02

 

 

0.02

 

 

0.34

 

 

0.34

 

Bridge loan and debt extinguishment fees

 

 

 

 

 

0.52

 

 

0.52

 

Non-GAAP Diluted Earnings Per Common Share Outlook

 

$

4.07

 

 

$

4.17

 

 

$

16.35

 

 

$

16.45

 


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