TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR THE THIRD QUARTER AND NINE MONTHS ENDED OCTOBER 3, 2021 AND SEPTEMBER 27, 2020 (Unaudited - in millions, except per share amounts) |
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|
Third Quarter 2021 |
|
Third Quarter 2020 |
||||||||||||||||||||
|
Income
|
|
Net income |
|
Diluted
|
|
Income
|
|
Net income |
|
Diluted
|
||||||||||||
GAAP |
$ |
167.9 |
|
|
$ |
134.1 |
|
|
$ |
2.81 |
|
|
$ |
119.7 |
|
|
$ |
93.9 |
|
|
$ |
2.48 |
|
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 |
55.3 |
|
|
42.6 |
|
|
0.88 |
|
|
9.9 |
|
|
7.6 |
|
|
0.20 |
|
||||||
| Acquisition-related foreign tax matters |
— |
|
|
1.7 |
|
|
0.04 |
|
|
— |
|
|
— |
|
|
— |
|
||||||
| Non-GAAP |
$ |
260.2 |
|
|
$ |
207.2 |
|
|
$ |
4.34 |
|
|
$ |
129.6 |
|
|
$ |
101.5 |
|
|
$ |
2.68 |
|
|
|
Nine Months 2021 |
|
Nine Months 2020 |
||||||||||||||||||||
|
|
Income
|
|
Net income |
|
Diluted
|
|
Income
|
|
Net income |
|
Diluted
|
||||||||||||
| GAAP |
$ |
361.3 |
|
$ |
283.5 |
|
|
$ |
6.58 |
|
|
$ |
328.6 |
|
|
$ |
269.8 |
|
|
$ |
7.14 |
|
|
| 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 |
97.9 |
|
|
75.3 |
|
|
1.75 |
|
|
29.2 |
|
|
22.3 |
|
|
0.59 |
|
||||||
| Acquisition-related foreign tax matters |
— |
|
|
14.1 |
|
|
0.33 |
|
|
— |
|
|
— |
|
|
— |
|
||||||
| Bridge loan and debt extinguishment fees |
30.6 |
|
|
23.3 |
|
|
0.54 |
|
|
— |
|
|
— |
|
|
— |
|
||||||
| Non-GAAP |
$ |
650.6 |
|
|
$ |
529.5 |
|
|
$ |
12.29 |
|
|
$ |
357.8 |
|
|
$ |
292.1 |
|
|
$ |
7.73 |
|
|
|
|
Third Quarter 2021 |
|
Third Quarter 2020 |
||||||||||
|
|
|
Operating
|
|
Operating
|
|
Operating
|
|
Operating
|
||||||
| GAAP |
|
$ |
189.6 |
|
|
14.5 |
% |
|
$ |
122.5 |
|
|
16.4 |
% |
| Adjusted for specified items: |
|
|
|
|
|
|
|
|
||||||
| FLIR transaction and integration costs |
|
1.8 |
|
|
|
|
— |
|
|
|
||||
| FLIR inventory step-up expense |
|
35.2 |
|
|
|
|
— |
|
|
|
||||
| Acquired intangible asset amortization |
|
55.3 |
|
|
|
|
9.9 |
|
|
|
||||
| Non-GAAP |
|
$ |
281.9 |
|
|
21.5 |
% |
|
$ |
132.4 |
|
|
17.7 |
% |
| TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR THE THIRD QUARTER AND NINE MONTHS ENDED OCTOBER 3, 2021 AND SEPTEMBER 27, 2020 (continued) (Unaudited - in millions, except per share amounts) |
||||||||||||||
|
|
|
Nine Months 2021 |
|
Nine Months 2020 |
||||||||||
|
|
|
Operating
|
|
Operating
|
|
Operating
|
|
Operating
|
||||||
| GAAP |
|
$ |
429.2 |
|
|
13.3 |
% |
|
$ |
336.3 |
|
|
14.8 |
% |
| Adjusted for specified items: |
|
|
|
|
|
|
|
|
||||||
| FLIR transaction and integration costs |
|
102.2 |
|
|
|
|
— |
|
|
|
||||
| FLIR inventory step-up expense |
|
58.6 |
|
|
|
|
— |
|
|
|
||||
| Acquired intangible asset amortization |
|
97.9 |
|
|
|
|
29.2 |
|
|
|
||||
| Non-GAAP |
|
$ |
687.9 |
|
|
21.2 |
% |
|
$ |
365.5 |
|
|
16.1 |
% |
|
|
|
October 3, 2021 |
|
January 3, 2021 |
||||
| Current portion of long-term debt and other debt - GAAP |
|
$ |
— |
|
|
$ |
97.6 |
|
| Long-term debt - GAAP |
|
4,441.7 |
|
|
680.9 |
|
||
| Total debt - non-GAAP |
|
4,441.7 |
|
|
778.5 |
|
||
| Less cash and cash equivalents - GAAP |
|
(551.8 |
) |
|
(673.1 |
) |
||
| Net debt - non-GAAP |
|
$ |
3,889.9 |
|
|
$ |
105.4 |
|
|
|
|
Fourth Quarter 2021 |
|
Total Year 2021 |
||||||||||||
|
|
|
Low |
|
High |
|
Low |
|
High |
||||||||
| GAAP Diluted Earnings Per Common Share Outlook |
|
$ |
2.53 |
|
|
$ |
2.69 |
|
|
$ |
9.13 |
|
|
$ |
9.29 |
|
| Adjusted for specified non-GAAP items: |
|
|
|
|
|
|
|
|
||||||||
| FLIR transaction and integration costs |
|
0.05 |
|
|
0.03 |
|
|
2.08 |
|
|
2.06 |
|
||||
| FLIR inventory step-up expense |
|
0.58 |
|
|
0.56 |
|
|
1.63 |
|
|
1.61 |
|
||||
| Acquired intangible asset amortization |
|
0.89 |
|
|
0.87 |
|
|
2.65 |
|
|
2.63 |
|
||||
| Acquisition-related foreign tax matters |
|
0.02 |
|
|
0.02 |
|
|
0.34 |
|
|
0.34 |
|
||||
| Bridge loan and debt extinguishment fees |
|
— |
|
|
— |
|
|
0.52 |
|
|
0.52 |
|
||||
| Non-GAAP Diluted Earnings Per Common Share Outlook |
|
$ |
4.07 |
|
|
$ |
4.17 |
|
|
$ |
16.35 |
|
|
$ |
16.45 |
|
