TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR THE THIRD QUARTER AND NINE MONTHS ENDED OCTOBER 2, 2022 AND OCTOBER 3, 2021 (Unaudited - in millions, except per share amounts) |
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|
Third Quarter 2022 |
|
Third Quarter 2021 |
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|
Income before income taxes |
|
Net income attributable to Teledyne |
|
Diluted earnings per common share |
|
Income before income taxes |
|
Net income attributable to Teledyne |
|
Diluted earnings per common share |
||||||||||||
GAAP |
$ |
231.3 |
|
$ |
178.3 |
|
$ |
3.74 |
|
$ |
167.9 |
|
$ |
134.1 |
|
$ |
2.81 |
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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 |
|
48.9 |
|
|
|
37.4 |
|
|
|
0.78 |
|
|
|
55.3 |
|
|
|
42.6 |
|
|
|
0.88 |
|
| Acquisition-related tax matters |
|
— |
|
|
|
0.8 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
1.7 |
|
|
|
0.04 |
|
| Non-GAAP |
$ |
280.2 |
|
|
$ |
216.5 |
|
|
$ |
4.54 |
|
|
$ |
260.2 |
|
|
$ |
207.2 |
|
|
$ |
4.34 |
|
|
|
Nine Months 2022 |
|
Nine Months 2021 |
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|
|
Income before income taxes |
|
Net income attributable to Teledyne |
|
Diluted earnings per common share |
|
Income before income taxes |
|
Net income attributable to Teledyne |
|
Diluted earnings per common share |
||||||||||||
| GAAP |
$ |
655.8 |
|
$ |
562.2 |
|
$ |
11.79 |
|
$ |
361.3 |
|
$ |
283.5 |
|
$ |
6.58 |
||||||
| 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 |
|
153.8 |
|
|
|
118.1 |
|
|
|
2.48 |
|
|
|
97.9 |
|
|
|
75.3 |
|
|
|
1.75 |
|
| Acquisition-related tax matters |
|
— |
|
|
|
(48.6 |
) |
|
|
(1.03 |
) |
|
|
— |
|
|
|
14.1 |
|
|
|
0.33 |
|
| Bridge loan and debt extinguishment fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30.6 |
|
|
|
23.3 |
|
|
|
0.54 |
|
| Non-GAAP |
$ |
809.6 |
|
|
$ |
631.7 |
|
|
$ |
13.24 |
|
|
$ |
650.6 |
|
|
$ |
529.5 |
|
|
|
12.29 |
|
|
|
|
Third Quarter 2022 |
|
Third Quarter 2021 |
||||||||||
|
|
|
Operating income |
|
Operating margin |
|
Operating income |
|
Operating margin |
||||||
| GAAP |
|
$ |
245.2 |
|
18.0 |
% |
|
$ |
189.6 |
|
14.5 |
% |
||
| Adjusted for specified items: |
|
|
|
|
|
|
|
|
||||||
| FLIR transaction and integration costs |
|
|
— |
|
|
|
|
|
1.8 |
|
|
|
||
| FLIR inventory step-up expense |
|
|
— |
|
|
|
|
|
35.2 |
|
|
|
||
| Acquired intangible asset amortization |
|
|
48.9 |
|
|
|
|
|
55.3 |
|
|
|
||
| Non-GAAP |
|
$ |
294.1 |
|
|
21.6 |
% |
|
$ |
281.9 |
|
|
21.5 |
% |
|
|
|
Nine Months 2022 |
|
Nine Months 2021 |
||||||||||
|
|
|
Operating income |
|
Operating margin |
|
Operating income |
|
Operating margin |
||||||
| GAAP |
|
$ |
698.2 |
|
17.3 |
% |
|
$ |
429.2 |
|
13.3 |
% |
||
| Adjusted for specified item: |
|
|
|
|
|
|
|
|
||||||
| FLIR transaction and integration costs |
|
|
— |
|
|
|
|
|
102.2 |
|
|
|
||
| FLIR inventory step-up expense |
|
|
— |
|
|
|
|
|
58.6 |
|
|
|
||
| Acquired intangible asset amortization |
|
|
153.8 |
|
|
|
|
|
97.9 |
|
|
|
||
| Non-GAAP |
|
$ |
852.0 |
|
|
21.1 |
% |
|
$ |
687.9 |
|
|
21.2 |
% |
| TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited - in millions, except per share amounts) |
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|
|
|
October 2, 2022 |
|
January 2, 2022 |
||||
| Current portion of long-term debt - GAAP |
|
$ |
300.0 |
|
|
$ |
— |
|
| Long-term debt - GAAP |
|
|
3,618.4 |
|
|
|
4,099.4 |
|
| Total debt - non-GAAP |
|
|
3,918.4 |
|
|
|
4,099.4 |
|
| Less cash and cash equivalents - GAAP |
|
|
(479.3 |
) |
|
|
(474.7 |
) |
| Net debt - non-GAAP |
|
$ |
3,439.1 |
|
|
$ |
3,624.7 |
|
|
|
|
Fourth Quarter 2022 |
|
Total Year 2022 |
||||||||||||
|
|
|
Low |
|
High |
|
Low |
|
High |
||||||||
| GAAP Diluted Earnings Per Common Share Outlook |
|
$ |
3.67 |
|
$ |
3.80 |
|
$ |
15.46 |
|
|
$ |
15.60 |
|
||
| Adjusted for specified non-GAAP item: |
|
|
|
|
|
|
|
|
||||||||
| Acquired intangible asset amortization |
|
|
0.79 |
|
|
|
0.76 |
|
|
|
3.27 |
|
|
|
3.24 |
|
| Acquisition-related tax matters |
|
|
— |
|
|
|
— |
|
|
|
(1.03 |
) |
|
|
(1.04 |
) |
| Non-GAAP Diluted Earnings Per Common Share Outlook |
|
$ |
4.46 |
|
|
$ |
4.56 |
|
|
$ |
17.70 |
|
|
$ |
17.80 |
|
