Teledyne Technologies Reports Third Quarter Results

This financial statement was prepared in accordance with U.S. GAAP.

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)

 

 

Third Quarter 2022

 

Third Quarter 2021

 

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

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

 

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)

 

 

 

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

 


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