TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR THE FIRST QUARTER ENDED APRIL 2, 2023 AND APRIL 3, 2022 (Unaudited - in millions, except per share amounts) |
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First Quarter 2023 |
|
First Quarter 2022 |
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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 |
$ |
223.7 |
|
$ |
178.7 |
|
$ |
3.73 |
|
$ |
203.0 |
|
$ |
212.6 |
|
$ |
4.46 |
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Adjusted for specified items: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquired intangible asset amortization |
|
49.7 |
|
|
|
38.2 |
|
|
|
0.79 |
|
|
|
53.6 |
|
|
|
41.3 |
|
|
|
0.86 |
|
| Acquisition-related tax matters |
|
— |
|
|
|
0.3 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
(50.0 |
) |
|
|
(1.05 |
) |
| Non-GAAP |
$ |
273.4 |
|
|
$ |
217.2 |
|
|
$ |
4.53 |
|
|
$ |
256.6 |
|
|
$ |
203.9 |
|
|
$ |
4.27 |
|
|
|
|
First Quarter 2023 |
|
First Quarter 2022 |
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|
|
|
Operating income (loss) |
|
Operating margin |
|
Operating income (loss) |
|
Operating margin |
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| GAAP |
|
$ |
242.5 |
|
17.5 |
% |
|
$ |
223.5 |
|
16.9 |
% |
||
| Adjusted for specified items: |
|
|
|
|
|
|
|
|
||||||
| Acquired intangible asset amortization |
|
|
49.7 |
|
|
|
|
|
53.6 |
|
|
|
||
| Non-GAAP |
|
$ |
292.2 |
|
|
21.1 |
% |
|
$ |
277.1 |
|
|
21.0 |
% |
| TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited - in millions) |
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|
|
First Quarter 2023 |
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|
|
GAAP Operating Income (loss) |
|
Acquired intangible asset amortization |
|
Non-GAAP Operating Income (loss) |
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|
|
|
|
|
|
|
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| 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 |
|
|
|
First Quarter 2022 |
||||||||||
|
|
GAAP Operating Income (loss) |
|
Acquired intangible asset amortization |
|
Non-GAAP Operating Income (loss) |
||||||
|
|
|
|
|
|
|
||||||
| Digital Imaging |
$ |
115.7 |
|
|
$ |
48.5 |
|
$ |
164.2 |
|
|
| Instrumentation |
|
71.6 |
|
|
|
4.9 |
|
|
|
76.5 |
|
| Aerospace and Defense Electronics |
|
42.9 |
|
|
|
0.2 |
|
|
|
43.1 |
|
| Engineered Systems |
|
9.4 |
|
|
|
— |
|
|
|
9.4 |
|
| Corporate expense |
|
(16.1 |
) |
|
|
— |
|
|
|
(16.1 |
) |
| Total |
$ |
223.5 |
|
|
$ |
53.6 |
|
|
$ |
277.1 |
|
| TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited - in millions) |
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|
|
|
April 2, 2023 |
|
January 1, 2023 |
||||
| Current portion of long-term debt - GAAP |
|
$ |
300.1 |
|
|
$ |
300.1 |
|
| Long-term debt - GAAP |
|
|
3,520.3 |
|
|
|
3,620.5 |
|
| Total debt - non-GAAP |
|
|
3,820.4 |
|
|
|
3,920.6 |
|
| Less cash and cash equivalents - GAAP |
|
|
(665.2 |
) |
|
|
(638.1 |
) |
| Net debt - non-GAAP |
|
$ |
3,155.2 |
|
|
$ |
3,282.5 |
|
|
|
|
Second Quarter 2023 |
|
Twelve Months 2023 |
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|
|
|
Low |
|
High |
|
Low |
|
High |
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| GAAP Diluted Earnings Per Common Share Outlook |
|
$ |
3.76 |
|
$ |
3.88 |
|
$ |
15.80 |
|
$ |
16.05 |
||||
| Adjusted for specified item: |
|
|
|
|
|
|
|
|
||||||||
| Acquired intangible asset amortization |
|
|
0.80 |
|
|
|
0.78 |
|
|
|
3.19 |
|
|
|
3.14 |
|
| Acquisition-related tax matters |
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
| Non-GAAP Diluted Earnings Per Common Share Outlook |
|
$ |
4.56 |
|
|
$ |
4.66 |
|
|
$ |
19.00 |
|
|
$ |
19.20 |
|
