TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2024 AND JULY 2, 2023 (Unaudited - in millions, except per share amounts) |
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Second Quarter 2024 |
Second 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 |
$ |
231.7 |
|
$ |
180.2 |
|
$ |
3.77 |
|
$ |
234.9 |
|
$ |
185.3 |
|
$ |
3.87 |
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Adjusted for specified items: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
FLIR integration costs |
|
1.0 |
|
|
0.8 |
|
|
0.02 |
|
|
— |
|
|
— |
|
|
— |
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Acquired intangible asset amortization |
|
49.1 |
|
|
37.5 |
|
|
0.78 |
|
|
49.3 |
|
|
38.0 |
|
|
0.79 |
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| FLIR acquisition-related tax matters |
|
— |
|
|
0.2 |
|
|
0.01 |
|
|
— |
|
|
0.4 |
|
|
0.01 |
||||||
| Non-GAAP |
$ |
281.8 |
|
$ |
218.7 |
|
$ |
4.58 |
|
$ |
284.2 |
|
$ |
223.7 |
|
$ |
4.67 |
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|
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|
|
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Six Months 2024 |
Six Months 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 |
$ |
457.2 |
|
$ |
358.7 |
|
$ |
7.49 |
|
$ |
458.6 |
|
$ |
364.0 |
|
$ |
7.60 |
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| Adjusted for specified items: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
| FLIR integration costs |
|
3.2 |
|
|
2.5 |
|
|
0.05 |
|
|
— |
|
|
— |
|
|
— |
||||||
| Acquired intangible asset amortization |
|
98.5 |
|
|
75.3 |
|
|
1.57 |
|
|
99.0 |
|
|
76.2 |
|
|
1.58 |
||||||
| FLIR acquisition-related tax matters |
|
— |
|
|
0.5 |
|
|
0.01 |
|
|
— |
|
|
0.7 |
|
|
0.02 |
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| Non-GAAP |
$ |
558.9 |
|
$ |
437.0 |
|
$ |
9.12 |
|
$ |
557.6 |
|
$ |
440.9 |
|
$ |
9.20 |
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Second Quarter 2024 |
|
Second Quarter 2023 |
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|
|
Operating
|
|
Operating
|
|
Operating
|
|
Operating
|
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| GAAP |
|
$ |
247.0 |
|
18.0 |
% |
|
$ |
256.1 |
|
18.0 |
% |
||
| Adjusted for specified items: |
|
|
|
|
|
|
|
|
||||||
| FLIR integration costs |
|
|
1.0 |
|
|
|
|
— |
|
|
||||
| Acquired intangible asset amortization |
|
|
49.1 |
|
|
|
|
49.3 |
|
|
||||
| Non-GAAP |
|
$ |
297.1 |
|
21.6 |
% |
|
$ |
305.4 |
|
21.4 |
% |
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|
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Six Months 2024 |
|
Six Months 2023 |
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|
|
|
Operating
|
|
Operating
|
|
Operating
|
|
Operating
|
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| GAAP |
|
$ |
481.3 |
|
17.7 |
% |
|
$ |
498.6 |
|
17.8 |
% |
||
| Adjusted for specified items: |
|
|
|
|
|
|
|
|
||||||
| FLIR integration costs |
|
|
3.2 |
|
|
|
|
— |
|
|
||||
| Acquired intangible asset amortization |
|
|
98.5 |
|
|
|
|
99.0 |
|
|
||||
| Non-GAAP |
|
$ |
583.0 |
|
21.4 |
% |
|
$ |
597.6 |
|
21.3 |
% |
||
| TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited - in millions) |
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|
Second 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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|
|
|
|
|
|
|
|
|
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| Digital Imaging |
$ |
113.5 |
|
|
$ |
45.4 |
|
$ |
1.0 |
|
$ |
159.9 |
|
||
| Instrumentation |
|
87.2 |
|
|
|
3.5 |
|
|
— |
|
|
90.7 |
|
||
| Aerospace and Defense Electronics |
|
57.1 |
|
|
|
0.2 |
|
|
— |
|
|
57.3 |
|
||
| Engineered Systems |
|
7.5 |
|
|
|
— |
|
|
— |
|
|
7.5 |
|
||
| Corporate expense |
|
(18.3 |
) |
|
|
— |
|
|
— |
|
|
(18.3 |
) |
||
| Total |
$ |
247.0 |
|
|
$ |
49.1 |
|
$ |
1.0 |
|
$ |
297.1 |
|
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|
|
Second Quarter 2023 |
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|
|
GAAP Operating Income (loss) |
|
Acquired intangible asset amortization |
|
FLIR integration costs |
|
Non-GAAP Operating Income (loss) |
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|
|
|
|
|
|
|
|
|
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| Digital Imaging |
$ |
124.6 |
|
|
$ |
45.6 |
|
$ |
— |
|
$ |
170.2 |
|
||
| Instrumentation |
|
81.4 |
|
|
|
3.5 |
|
|
— |
|
|
84.9 |
|
||
| Aerospace and Defense Electronics |
|
53.2 |
|
|
|
0.2 |
|
|
— |
|
|
53.4 |
|
||
| Engineered Systems |
|
11.5 |
|
|
|
— |
|
|
— |
|
|
11.5 |
|
||
| Corporate expense |
|
(14.6 |
) |
|
|
— |
|
|
— |
|
|
(14.6 |
) |
||
| Total |
$ |
256.1 |
|
|
$ |
49.3 |
|
$ |
— |
|
$ |
305.4 |
|
||
|
|
Six Months 2024 |
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|
|
GAAP Operating Income (loss) |
|
Acquired intangible asset amortization |
|
FLIR integration costs |
|
Non-GAAP Operating Income (loss) |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
| Digital Imaging |
$ |
227.3 |
|
|
$ |
91.2 |
|
$ |
3.2 |
|
$ |
321.7 |
|
||
| Instrumentation |
|
173.2 |
|
|
|
6.9 |
|
|
— |
|
|
180.1 |
|
||
| Aerospace and Defense Electronics |
|
109.0 |
|
|
|
0.4 |
|
|
— |
|
|
109.4 |
|
||
| Engineered Systems |
|
10.2 |
|
|
|
— |
|
|
— |
|
|
10.2 |
|
||
| Corporate expense |
|
(38.4 |
) |
|
|
— |
|
|
— |
|
|
(38.4 |
) |
||
| Total |
$ |
481.3 |
|
|
$ |
98.5 |
|
$ |
3.2 |
|
$ |
583.0 |
|
||
|
|
Six Months 2023 |
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|
|
GAAP Operating Income (loss) |
|
Acquired intangible asset amortization |
|
FLIR integration costs |
|
Non-GAAP Operating Income (loss) |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
| Digital Imaging |
$ |
246.8 |
|
|
$ |
91.4 |
|
$ |
— |
|
$ |
338.2 |
|
||
| Instrumentation |
|
162.1 |
|
|
|
7.2 |
|
|
— |
|
|
169.3 |
|
||
| Aerospace and Defense Electronics |
|
100.2 |
|
|
|
0.4 |
|
|
— |
|
|
100.6 |
|
||
| Engineered Systems |
|
21.5 |
|
|
|
— |
|
|
— |
|
|
21.5 |
|
||
| Corporate expense |
|
(32.0 |
) |
|
|
— |
|
|
— |
|
|
(32.0 |
) |
||
| Total |
$ |
498.6 |
|
|
$ |
99.0 |
|
$ |
— |
|
$ |
597.6 |
|
||
| TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited - in millions) |
||||||||
|
|
|
June 30, 2024 |
|
December 31, 2023 |
||||
| Current portion of long-term debt |
|
$ |
150.5 |
|
|
$ |
600.1 |
|
| Long-term debt |
|
|
2,646.9 |
|
|
|
2,644.8 |
|
| Total debt - non-GAAP |
|
|
2,797.4 |
|
|
|
3,244.9 |
|
| Less cash and cash equivalents |
|
|
(443.2 |
) |
|
|
(648.3 |
) |
| Net debt - non-GAAP |
|
$ |
2,354.2 |
|
|
$ |
2,596.6 |
|
|
|
|
Third Quarter 2024 |
|
Twelve Months 2024 |
||||||||||||
|
|
|
Low |
|
High |
|
Low |
|
High |
||||||||
| GAAP Diluted Earnings Per Common Share Outlook |
|
$ |
4.02 |
|
$ |
4.16 |
|
$ |
15.87 |
|
$ |
16.13 |
||||
| Adjusted for specified items: |
|
|
|
|
|
|
|
|
||||||||
| FLIR integration costs |
|
|
0.06 |
|
|
0.04 |
|
|
0.16 |
|
|
0.14 |
||||
| Acquired intangible asset amortization |
|
|
0.82 |
|
|
0.80 |
|
|
3.22 |
|
|
3.18 |
||||
| Non-GAAP Diluted Earnings Per Common Share Outlook |
|
$ |
4.90 |
|
$ |
5.00 |
|
$ |
19.25 |
|
$ |
19.45 |
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