TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR THE FIRST QUARTER ENDED MARCH 31, 2024 AND APRIL 2, 2023 (Unaudited - in millions, except per share amounts) |
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|
First Quarter 2024 |
|
First Quarter 2023 |
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|
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 |
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GAAP |
$ |
225.5 |
|
$ |
178.5 |
|
$ |
3.72 |
|
$ |
223.7 |
|
$ |
178.7 |
|
$ |
3.73 |
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Adjusted for specified items: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
FLIR integration costs |
|
2.2 |
|
|
|
1.7 |
|
|
|
0.03 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Acquired intangible asset amortization |
|
49.4 |
|
|
|
37.8 |
|
|
|
0.79 |
|
|
|
49.7 |
|
|
|
38.2 |
|
|
|
0.79 |
|
| Acquisition-related tax matters |
|
— |
|
|
|
0.3 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
0.01 |
|
| Non-GAAP |
$ |
277.1 |
|
|
$ |
218.3 |
|
|
$ |
4.55 |
|
|
$ |
273.4 |
|
|
$ |
217.2 |
|
|
$ |
4.53 |
|
|
|
|
First Quarter 2024 |
|
First Quarter 2023 |
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|
|
|
Operating income (loss) |
|
Operating margin |
|
Operating income (loss) |
|
Operating margin |
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| GAAP |
|
$ |
234.3 |
|
17.4 |
% |
|
$ |
242.5 |
|
17.5 |
% |
||
| Adjusted for specified items: |
|
|
|
|
|
|
|
|
||||||
| FLIR integration costs |
|
|
2.2 |
|
|
|
|
|
— |
|
|
|
||
| Acquired intangible asset amortization |
|
|
49.4 |
|
|
|
|
|
49.7 |
|
|
|
||
| Non-GAAP |
|
$ |
285.9 |
|
|
21.2 |
% |
|
$ |
292.2 |
|
|
21.1 |
% |
|
|
First Quarter 2024 |
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|
|
GAAP Operating Income (loss) |
|
Acquired intangible asset amortization |
|
FLIR integration costs |
|
Non-GAAP Operating Income (loss) |
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|
|
|
|
|
|
|
|
|
||||||||
| Digital Imaging |
$ |
113.8 |
|
$ |
45.8 |
|
$ |
2.2 |
|
$ |
161.8 |
||||
| Instrumentation |
|
86.0 |
|
|
|
3.4 |
|
|
|
— |
|
|
|
89.4 |
|
| Aerospace and Defense Electronics |
|
51.9 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
52.1 |
|
| Engineered Systems |
|
2.7 |
|
|
|
— |
|
|
|
— |
|
|
|
2.7 |
|
| Corporate expense |
|
(20.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(20.1 |
) |
| Total |
$ |
234.3 |
|
|
$ |
49.4 |
|
|
$ |
2.2 |
|
|
$ |
285.9 |
|
|
|
First Quarter 2023 |
||||||||||||||
|
|
GAAP Operating Income (loss) |
|
Acquired intangible asset amortization |
|
FLIR integration costs |
|
Non-GAAP Operating Income (loss) |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
| Digital Imaging |
$ |
122.2 |
|
$ |
45.8 |
|
$ |
— |
|
$ |
168.0 |
||||
| Instrumentation |
|
80.7 |
|
|
|
3.7 |
|
|
|
— |
|
|
|
84.4 |
|
| Aerospace and Defense Electronics |
|
47.0 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
47.2 |
|
| Engineered Systems |
|
10.0 |
|
|
|
— |
|
|
|
— |
|
|
|
10.0 |
|
| Corporate expense |
|
(17.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
(17.4 |
) |
| Total |
$ |
242.5 |
|
|
$ |
49.7 |
|
|
$ |
— |
|
|
$ |
292.2 |
|
| TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited - in millions) |
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|
|
|
March 31, 2024 |
|
December 31, 2023 |
||||
| Current portion of long-term debt |
|
$ |
600.2 |
|
|
$ |
600.1 |
|
| Long-term debt |
|
|
2,646.1 |
|
|
|
2,644.8 |
|
| Total debt - non-GAAP |
|
|
3,246.3 |
|
|
|
3,244.9 |
|
| Less cash and cash equivalents |
|
|
(912.4 |
) |
|
|
(648.3 |
) |
| Net debt - non-GAAP |
|
$ |
2,333.9 |
|
|
$ |
2,596.6 |
|
|
|
|
Second Quarter 2024 |
|
Twelve Months 2024 |
||||||||||||
|
|
|
Low |
|
High |
|
Low |
|
High |
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| GAAP Diluted Earnings Per Common Share Outlook |
|
$ |
3.57 |
|
$ |
3.70 |
|
$ |
16.02 |
|
$ |
16.27 |
||||
| Adjusted for specified items: |
|
|
|
|
|
|
|
|
||||||||
| FLIR integration costs |
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.04 |
|
| Acquired intangible asset amortization |
|
|
0.81 |
|
|
|
0.79 |
|
|
|
3.18 |
|
|
|
3.14 |
|
| Non-GAAP Diluted Earnings Per Common Share Outlook |
|
$ |
4.40 |
|
|
$ |
4.50 |
|
|
$ |
19.25 |
|
|
$ |
19.45 |
|
