TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 29, 2024 AND DECEMBER 31, 2023 (Unaudited - $ in millions, except per share amounts) |
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|
Fourth Quarter 2024 |
|
Fourth Quarter 2023 |
||||||||||||||||||||
|
Income (loss) before income taxes |
|
Net (loss) income attributable to Teledyne |
|
Diluted earnings per common share |
|
Income (loss) before income taxes |
|
Net (loss) income attributable to Teledyne |
|
Diluted earnings per common share |
||||||||||||
GAAP |
$ |
225.6 |
|
$ |
198.5 |
|
|
$ |
4.20 |
|
|
$ |
254.2 |
|
$ |
323.1 |
|
|
$ |
6.75 |
|
||
Adjusted for specified items: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Transaction and integration costs |
|
1.5 |
|
|
|
1.0 |
|
|
|
0.02 |
|
|
|
3.0 |
|
|
|
2.3 |
|
|
|
0.05 |
|
| Non-cash trademark impairments |
|
52.5 |
|
|
|
40.0 |
|
|
|
0.85 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Acquired intangible asset amortization |
|
49.7 |
|
|
|
38.0 |
|
|
|
0.80 |
|
|
|
48.6 |
|
|
|
37.3 |
|
|
|
0.77 |
|
| FLIR acquisition-related tax matters |
|
— |
|
|
|
(16.6 |
) |
|
|
(0.35 |
) |
|
|
— |
|
|
|
(102.2 |
) |
|
|
(2.13 |
) |
| Non-GAAP |
$ |
329.3 |
|
|
$ |
260.9 |
|
|
$ |
5.52 |
|
|
$ |
305.8 |
|
|
$ |
260.5 |
|
|
$ |
5.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Total Year 2024 |
|
Total Year 2023 |
||||||||||||||||||||
|
|
Income (loss) before income taxes |
|
Net (loss) income attributable to Teledyne |
|
Diluted earnings per common share |
|
Income (loss) before income taxes |
|
Net (loss) income attributable to Teledyne |
|
Diluted earnings per common share |
||||||||||||
| GAAP |
$ |
937.9 |
|
|
$ |
819.2 |
|
|
$ |
17.21 |
|
|
$ |
958.9 |
|
|
$ |
885.7 |
|
|
$ |
18.49 |
|
| Adjusted for specified items: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
| Transaction and integration costs |
|
8.4 |
|
|
|
6.4 |
|
|
|
0.13 |
|
|
|
8.8 |
|
|
|
6.8 |
|
|
|
0.14 |
|
| Non-cash trademark impairments |
|
52.5 |
|
|
|
40.0 |
|
|
|
0.84 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Acquired intangible asset amortization |
|
198.0 |
|
|
|
151.4 |
|
|
|
3.18 |
|
|
|
196.7 |
|
|
|
151.3 |
|
|
|
3.16 |
|
| FLIR acquisition-related tax matters |
|
— |
|
|
|
(77.8 |
) |
|
|
(1.63 |
) |
|
|
— |
|
|
|
(100.5 |
) |
|
|
(2.10 |
) |
| Non-GAAP |
$ |
1,196.8 |
|
|
$ |
939.2 |
|
|
$ |
19.73 |
|
|
$ |
1,164.4 |
|
|
$ |
943.3 |
|
|
$ |
19.69 |
|
|
|
Fourth Quarter 2024 |
|
Fourth Quarter 2023 |
||||||||||
|
|
Operating income (loss) |
|
Operating margin |
|
Operating income (loss) |
|
Operating margin |
||||||
| GAAP |
$ |
237.1 |
|
15.8 |
% |
|
$ |
271.5 |
|
19.1 |
% |
||
| Adjusted for specified items: |
|
|
|
|
|
|
|
||||||
| Transaction and integration costs |
|
1.5 |
|
|
|
|
|
3.0 |
|
|
|
||
| Non-cash trademark impairments |
|
52.5 |
|
|
|
|
|
— |
|
|
|
||
| Acquired intangible asset amortization |
|
49.7 |
|
|
|
|
|
48.6 |
|
|
|
||
| Non-GAAP |
$ |
340.8 |
|
|
22.7 |
% |
|
$ |
323.1 |
|
|
22.7 |
% |
|
|
|
|
|
|
|
|
|
||||||
|
|
Total Year 2024 |
|
Total Year 2023 |
||||||||||
|
|
Operating income (loss) |
|
Operating margin |
|
Operating income (loss) |
|
Operating margin |
||||||
| GAAP |
$ |
989.1 |
|
|
17.4 |
% |
|
$ |
1,034.4 |
|
|
18.4 |
% |
| Adjusted for specified items: |
|
|
|
|
|
|
|
||||||
| Transaction and integration costs |
|
8.4 |
|
|
|
|
|
8.8 |
|
|
|
||
| Non-cash trademark impairments |
|
52.5 |
|
|
|
|
|
— |
|
|
|
||
| Acquired intangible asset amortization |
|
198.0 |
|
|
|
|
|
196.7 |
|
|
|
||
| Non-GAAP |
$ |
1,248.0 |
|
|
22.0 |
% |
|
$ |
1,239.9 |
|
|
22.0 |
% |
| TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited - in millions) |
|||||||||||||||||||
|
|
Fourth Quarter 2024 |
||||||||||||||||||
|
|
GAAP Operating Income (loss) |
|
Acquired intangible asset amortization |
|
Non-cash trademark impairments |
|
Transaction and integration costs |
|
Non-GAAP Operating Income (loss) |
||||||||||
| Digital Imaging |
$ |
90.8 |
|
|
$ |
46.1 |
|
$ |
49.5 |
|
$ |
1.5 |
|
$ |
187.9 |
|
|||
| Instrumentation |
|
100.8 |
|
|
|
3.4 |
|
|
|
3.0 |
|
|
|
— |
|
|
|
107.2 |
|
| Aerospace and Defense Electronics |
|
56.4 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
56.6 |
|
| Engineered Systems |
|
9.8 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9.8 |
|
| Corporate expense |
|
(20.7 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(20.7 |
) |
| Total |
$ |
237.1 |
|
|
$ |
49.7 |
|
|
$ |
52.5 |
|
|
$ |
1.5 |
|
|
$ |
340.8 |
|
|
|
Fourth Quarter 2023 |
||||||||||||||
|
|
GAAP Operating Income (loss) |
|
Acquired intangible asset amortization |
|
Transaction and integration costs |
|
Non-GAAP Operating Income (loss) |
||||||||
| Digital Imaging |
$ |
134.3 |
|
|
$ |
44.9 |
|
$ |
3.0 |
|
$ |
182.2 |
|
||
| Instrumentation |
|
90.7 |
|
|
|
3.5 |
|
|
|
— |
|
|
|
94.2 |
|
| Aerospace and Defense Electronics |
|
50.0 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
50.2 |
|
| Engineered Systems |
|
12.3 |
|
|
|
— |
|
|
|
— |
|
|
|
12.3 |
|
| Corporate expense |
|
(15.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
(15.8 |
) |
| Total |
$ |
271.5 |
|
|
$ |
48.6 |
|
|
$ |
3.0 |
|
|
$ |
323.1 |
|
|
|
Total Year 2024 |
||||||||||||||||||
|
|
GAAP Operating Income (loss) |
|
Acquired intangible asset amortization |
|
Non-cash trademark impairments |
|
Transaction and integration costs |
|
Non-GAAP Operating Income (loss) |
||||||||||
| Digital Imaging |
$ |
442.0 |
|
|
$ |
183.3 |
|
$ |
49.5 |
|
$ |
8.4 |
|
$ |
683.2 |
|
|||
| Instrumentation |
|
370.3 |
|
|
|
13.9 |
|
|
|
3.0 |
|
|
|
— |
|
|
|
387.2 |
|
| Aerospace and Defense Electronics |
|
221.7 |
|
|
|
0.8 |
|
|
|
— |
|
|
|
— |
|
|
|
222.5 |
|
| Engineered Systems |
|
32.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
32.9 |
|
| Corporate expense |
|
(77.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(77.8 |
) |
| Total |
$ |
989.1 |
|
|
$ |
198.0 |
|
|
$ |
52.5 |
|
|
$ |
8.4 |
|
|
$ |
1,248.0 |
|
|
|
Total Year 2023 |
||||||||||||||
|
|
GAAP Operating Income (loss) |
|
Acquired intangible asset amortization |
|
Transaction and integration costs |
|
Non-GAAP Operating Income (loss) |
||||||||
| Digital Imaging |
$ |
517.4 |
|
|
$ |
181.7 |
|
$ |
8.8 |
|
$ |
707.9 |
|
||
| Instrumentation |
|
338.3 |
|
|
|
14.2 |
|
|
|
— |
|
|
|
352.5 |
|
| Aerospace and Defense Electronics |
|
199.6 |
|
|
|
0.8 |
|
|
|
— |
|
|
|
200.4 |
|
| Engineered Systems |
|
44.7 |
|
|
|
— |
|
|
|
— |
|
|
|
44.7 |
|
| Corporate expense |
|
(65.6 |
) |
|
|
— |
|
|
|
— |
|
|
|
(65.6 |
) |
| Total |
$ |
1,034.4 |
|
|
$ |
196.7 |
|
|
$ |
8.8 |
|
|
$ |
1,239.9 |
|
| TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited - in millions, except per share amounts) |
|||||||
|
|
December 29, 2024 |
|
December 31, 2023 |
||||
| Current portion of long-term debt |
$ |
0.3 |
|
|
$ |
600.1 |
|
| Long-term debt |
|
2,648.7 |
|
|
|
2,644.8 |
|
| Total debt - non-GAAP |
|
2,649.0 |
|
|
|
3,244.9 |
|
| Less cash and cash equivalents |
|
(649.8 |
) |
|
|
(648.3 |
) |
| Net debt - non-GAAP |
$ |
1,999.2 |
|
|
$ |
2,596.6 |
|
|
|
First Quarter 2025 |
|
Total Year 2025 |
||||||||||||
|
|
Low |
|
High |
|
Low |
|
High |
||||||||
| GAAP Diluted Earnings Per Common Share Outlook |
$ |
3.90 |
|
$ |
4.04 |
|
$ |
17.70 |
|
$ |
18.20 |
||||
| Adjusted for specified items: |
|
|
|
|
|
|
|
||||||||
| Transaction and integration costs |
$ |
0.07 |
|
|
$ |
0.05 |
|
|
$ |
0.07 |
|
|
$ |
0.05 |
|
| Acquired intangible asset amortization |
$ |
0.83 |
|
|
$ |
0.81 |
|
|
$ |
3.33 |
|
|
$ |
3.25 |
|
| Non-GAAP Diluted Earnings Per Common Share Outlook |
$ |
4.80 |
|
|
$ |
4.90 |
|
|
$ |
21.10 |
|
|
$ |
21.50 |
|
