Teledyne Technologies Reports Fourth 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 FOURTH QUARTER AND TWELVE MONTHS ENDED JANUARY 2, 2022 AND JANUARY 3, 2021

(Unaudited - in millions, except per share amounts)

 

Fourth Quarter 2021

Fourth 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

$

172.5

$

161.8

 

$

3.39

 

$

141.1

$

132.1

$

3.48

Adjusted for specified items:

 

 

 

 

 

 

FLIR transaction and integration costs

 

0.8

 

0.7

 

 

0.01

 

 

 

 

FLIR inventory step-up expense

 

47.8

 

36.7

 

 

0.78

 

 

 

 

Acquired intangible asset amortization

 

51.4

 

39.6

 

 

0.83

 

 

9.6

 

7.4

 

0.20

Acquisition-related tax matters

 

 

(21.4

)

 

(0.45

)

 

 

 

Non-GAAP

$

272.5

$

217.4

 

$

4.56

 

$

150.7

$

139.5

$

3.68

 

Twelve Months 2021

Twelve 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

$

533.8

$

445.3

 

$

10.05

 

$

469.7

$

401.9

$

10.62

Adjusted for specified items:

 

 

 

 

 

 

FLIR transaction and integration costs

 

103.0

 

88.9

 

 

2.01

 

 

 

 

FLIR inventory step-up expense

 

106.4

 

81.8

 

 

1.85

 

 

 

 

Acquired intangible asset amortization

 

149.3

 

114.9

 

 

2.59

 

 

38.8

 

29.7

 

0.79

Acquisition-related tax matters

 

 

(7.3

)

 

(0.17

)

 

 

 

Bridge loan and debt extinguishment fees

 

30.6

 

23.3

 

 

0.53

 

 

 

 

Non-GAAP

$

923.1

$

746.9

 

$

16.86

 

$

508.5

$

431.6

$

11.41

 

Fourth Quarter 2021

Fourth Quarter 2020

 

Operating
income

Operating
margin

Operating
income

Operating
margin

GAAP

$

195.1

14.2

%

$

143.8

17.8

%

Adjusted for specified items:

 

 

 

 

FLIR transaction and integration costs

 

0.8

 

 

 

FLIR inventory step-up expense

 

47.8

 

 

 

Acquired intangible asset amortization

 

51.4

 

 

9.6

 

Non-GAAP

$

295.1

21.5

%

$

153.4

19.0

%

TELEDYNE TECHNOLOGIES INCORPORATED

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

FOR THE FOURTH QUARTER AND TWELVE MONTHS ENDED JANUARY 2, 2022 AND JANUARY 3, 2021 (continued)

(Unaudited - in millions, except per share amounts)

 

Twelve Months 2021

Twelve Months 2020

 

Operating
income

Operating
margin

Operating
income

Operating
margin

GAAP

$

624.3

13.5

%

$

480.1

15.6

%

Adjusted for specified items:

 

 

 

 

FLIR transaction and integration costs

 

103.0

 

 

 

FLIR inventory step-up expense

 

106.4

 

 

 

Acquired intangible asset amortization

 

149.3

 

 

38.8

 

Non-GAAP

$

983.0

21.3

%

$

518.9

16.8

%

 

January 2, 2022

January 3, 2021

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

$

 

$

97.6

 

Long-term debt - GAAP

 

4,099.4

 

 

680.9

 

Total debt - non-GAAP

 

4,099.4

 

 

778.5

 

Less cash and cash equivalents - GAAP

 

(474.7

)

 

(673.1

)

Net debt - non-GAAP

$

3,624.7

 

$

105.4

 

 

First Quarter 2022

Twelve Months 2022

 

Low

High

Low

High

GAAP Diluted Earnings Per Common Share Outlook

$

3.12

$

3.22

$

14.10

$

14.55

Adjusted for specified non-GAAP item:

 

 

 

 

Acquired intangible asset amortization

 

0.90

 

0.88

 

3.50

 

3.45

Non-GAAP Diluted Earnings Per Common Share Outlook

$

4.02

$

4.10

$

17.60

$

18.00


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