Teledyne Technologies Reports Second Quarter Results

TELEDYNE TECHNOLOGIES INCORPORATED

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

SUMMARY OF QUARTERLY OPERATING INCOME

(Unaudited - in millions)

 

 

First Quarter 2021

 

GAAP
Operating
Income

 

Acquired
intangible
asset
amortization

 

Inventory
step-up
expense

 

Transaction
and
integration
costs

 

Non-GAAP
Operating
Income

 

 

 

 

 

 

 

 

 

 

Digital Imaging

$

52.0

 

 

 

$

4.6

 

 

$

 

 

$

 

 

$

56.6

 

 

Instrumentation

59.4

 

 

 

5.0

 

 

 

 

 

 

64.4

 

 

Aerospace and Defense Electronics

28.3

 

 

 

0.2

 

 

 

 

 

 

28.5

 

 

Engineered Systems

14.9

 

 

 

 

 

 

 

 

 

14.9

 

 

Corporate expense

(19.4

)

 

 

 

 

 

 

5.9

 

 

(13.5

)

 

Total

$

135.2

 

 

 

$

9.8

 

 

$

 

 

$

5.9

 

 

$

150.9

 

 

 

Second Quarter 2021

 

GAAP
Operating
Income

 

Acquired
intangible
asset
amortization

 

Inventory
step-up
expense

 

Transaction
and
integration
costs

 

Non-GAAP
Operating
Income

 

 

 

 

 

 

 

 

 

 

Digital Imaging

$

84.6

 

 

 

$

27.4

 

 

$

23.4

 

 

$

24.0

 

 

$

159.4

 

 

Instrumentation

64.6

 

 

 

5.2

 

 

 

 

 

 

69.8

 

 

Aerospace and Defense Electronics

28.4

 

 

 

0.2

 

 

 

 

 

 

28.6

 

 

Engineered Systems

11.0

 

 

 

 

 

 

 

 

 

11.0

 

 

Corporate expense

(84.2

)

 

 

 

 

 

 

70.5

 

 

(13.7

)

 

Total

$

104.4

 

 

 

$

32.8

 

 

$

23.4

 

 

$

94.5

 

 

$

255.1

 

 

 

First Six Months 2021

 

GAAP
Operating
Income

 

Acquired
intangible
asset
amortization

 

Inventory
step-up
expense

 

Transaction
and
integration
costs

 

Non-GAAP
Operating
Income

 

 

 

 

 

 

 

 

 

 

Digital Imaging

$

136.6

 

 

 

$

32.0

 

 

$

23.4

 

 

$

24.0

 

 

$

216.0

 

 

Instrumentation

124.0

 

 

 

10.2

 

 

 

 

 

 

134.2

 

 

Aerospace and Defense Electronics

56.7

 

 

 

0.4

 

 

 

 

 

 

57.1

 

 

Engineered Systems

25.9

 

 

 

 

 

 

 

 

 

25.9

 

 

Corporate expense

(103.6

)

 

 

 

 

 

 

76.4

 

 

(27.2

)

 

Total

$

239.6

 

 

 

$

42.6

 

 

$

23.4

 

 

$

100.4

 

 

$

406.0

 

 

TELEDYNE TECHNOLOGIES INCORPORATED

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

SUMMARY OF QUARTERLY OPERATING INCOME (continued)

(Unaudited - in millions)

 

 

First Quarter 2020

 

GAAP
Operating
Income

 

Acquired
intangible asset
amortization

 

Non-GAAP
Operating
Income

 

 

 

 

 

 

Digital Imaging

$

43.8

 

 

 

$

4.6

 

 

$

48.4

 

 

Instrumentation

50.8

 

 

 

4.8

 

 

55.6

 

 

Aerospace and Defense Electronics

13.4

 

 

 

0.2

 

 

13.6

 

 

Engineered Systems

11.4

 

 

 

 

 

11.4

 

 

Corporate expense

(15.4

)

 

 

 

 

(15.4

)

 

Total

$

104.0

 

 

 

$

9.6

 

 

113.6

 

 

 

Second Quarter 2020

 

GAAP
Operating
Income

 

Acquired
intangible asset
amortization

 

Non-GAAP
Operating
Income

 

 

 

 

 

 

Digital Imaging

$

46.8

 

 

 

$

4.4

 

 

$

51.2

 

 

Instrumentation

48.5

 

 

 

5.1

 

 

53.6

 

 

Aerospace and Defense Electronics

17.5

 

 

 

0.2

 

 

17.7

 

 

Engineered Systems

10.8

 

 

 

 

 

10.8

 

 

Corporate expense

(13.8

)

 

 

 

 

(13.8

)

 

Total

$

109.8

 

 

 

$

9.7

 

 

$

119.5

 

 

 

Third Quarter 2020

 

GAAP
Operating
Income

 

Acquired
intangible asset
amortization

 

Non-GAAP
Operating
Income

 

 

 

 

 

 

Digital Imaging

$

45.5

 

 

 

$

4.5

 

 

$

50.0

 

 

Instrumentation

50.7

 

 

 

5.1

 

 

55.8

 

 

Aerospace and Defense Electronics

26.7

 

 

 

0.3

 

 

27.0

 

 

Engineered Systems

12.5

 

 

 

 

 

12.5

 

 

Corporate expense

(12.9

)

 

 

 

 

(12.9

)

 

Total

$

122.5

 

 

 

$

9.9

 

 

$

132.4

 

 

 

Fourth Quarter 2020

 

GAAP
Operating
Income

 

Acquired
intangible asset
amortization

 

Non-GAAP
Operating
Income

 

 

 

 

 

 

Digital Imaging

$

56.7

 

 

 

$

4.6

 

 

$

61.3

 

 

Instrumentation

63.2

 

 

 

4.8

 

 

68.0

 

 

Aerospace and Defense Electronics

23.2

 

 

 

0.2

 

 

23.4

 

 

Engineered Systems

15.4

 

 

 

 

 

15.4

 

 

Corporate expense

(14.7

)

 

 

 

 

(14.7

)

 

Total

$

143.8

 

 

 

$

9.6

 

 

$

153.4

 

 


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