The effective tax rate for the third quarter of 2023 was 19.2%, compared with 23.0%. The third quarter of 2023 reflected net discrete income tax benefits of $6.1 million compared with $0.3 million. The third quarter of 2023 amount primarily related to income tax benefits related to stock-based accounting. Excluding the net discrete income tax items in both periods, the effective tax rates would have been 21.7% for the third quarter of 2023, compared with 23.1%.
Other
Corporate expense was $17.8 million for the third quarter of 2023 compared with $15.8 million, with the increase primarily related to higher professional fees. Non-service retirement benefit income was $3.1 million for the third quarter of 2023 compared with $2.9 million. Interest expense, net of interest income, was $18.4 million for the third quarter of 2023 compared with $22.0 million. The decrease related to reduced outstanding borrowings with lower weighted average interest rates compared to the third quarter of 2022.
Outlook
Based on its current outlook, the company’s management believes that fourth quarter 2023 GAAP diluted earnings per share will be in the range of $4.07 to $4.21 and full year 2023 GAAP diluted earnings per share will be in the range of $15.82 to $15.96. The company's management further believes that fourth quarter 2023 non-GAAP diluted earnings per share will be in the range of $4.95 to $5.05 and full year 2023 non-GAAP diluted earnings per share will be in the range of $19.20 to $19.30. The non-GAAP outlook excludes acquired intangible asset amortization for all acquisitions, further FLIR integration costs and acquisition-related tax matters. The company’s annual expected tax rate for 2023 is 22.1%, before discrete tax items.
Use of Non-GAAP Financial Measures
We report our financial results in accordance with generally accepted accounting principles in the United States (“GAAP”). We supplement the reporting of our financial results determined under GAAP with certain non-GAAP financial measures. The non-GAAP financial measures presented provides management, financial analysts, and investors with additional useful information in evaluating the performance of the company. The non-GAAP financial measures should be considered in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP. Further details on reasons that we use non-GAAP financial measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included following our GAAP financial statements.
Forward-Looking Statements Cautionary Notice
This earnings release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, with respect to management’s beliefs about the financial condition, results of operations, acquisitions and product synergies, integration costs, tax matters and businesses of Teledyne in the future. Forward-looking statements involve risks and uncertainties, are based on the current expectations of the management of Teledyne and are subject to uncertainty and changes in circumstances.
The forward-looking statements contained herein may include statements relating to stock-based compensation expense, tax rates, anticipated capital expenditures and product developments, and other strategic options. Forward-looking statements generally are accompanied by words such as “projects,” “intends,” “expects,” “anticipates,” “targets,” “estimates,” “will” and words of similar import that convey the uncertainty of future events or outcomes. All statements made in this communication that are not historical in nature should be considered forward-looking. By its nature, forward-looking information is not a guarantee of future performance or results and involves risks and uncertainties because it relates to events and depends on circumstances that will occur in the future.
Actual results could differ materially from these forward-looking statements. Many factors could change anticipated results, including: ongoing challenges and uncertainties posed by the lingering COVID pandemic for businesses and governments around the world; changes in relevant tax and other laws; foreign currency exchange risks; rising interest rates; risks associated with indebtedness, as well as our ability to reduce indebtedness and the timing thereof; the impact of semiconductor and other supply chain shortages; higher inflation, including wage competition and higher shipping costs; labor shortages and competition for skilled personnel; the inability to develop and market new competitive products; inherent uncertainties involved in the estimates and judgments used in the preparation of financial statements and the providing of estimates of financial measures, in accordance with U.S. GAAP and related standards; disruptions in the global economy; the ongoing conflict in Israel and neighboring regions; the ongoing conflict between Russia and Ukraine, including the impact to energy prices and availability, especially in Europe; customer and supplier bankruptcies; changes in demand for products sold to the defense electronics, instrumentation, digital imaging, energy exploration and production, commercial aviation, semiconductor and communications markets; funding, continuation and award of government programs; cuts to defense spending resulting from existing and future deficit reduction measures or changes to U.S. and foreign government spending and budget priorities triggered by inflation, rising interest costs, and economic conditions; impacts from the United Kingdom’s exit from the European Union; uncertainties related to the policies of the U.S. Presidential Administration; the imposition and expansion of, and responses to, trade sanctions and tariffs; the continuing review and resolution of FLIR’s trade compliance and tax matters; escalating economic and diplomatic tension between China and the United States; threats to the security of our confidential and proprietary information, including cybersecurity threats; natural and man-made disasters, including those related to or intensified by climate change; and our ability to achieve emission reduction targets and decrease our carbon footprint. Lower oil and natural gas prices, as well as instability in the Middle East or other oil producing regions, and new regulations or restrictions relating to energy production, including those implemented in response to climate change, could further negatively affect our businesses that supply the oil and gas industry. Weakness in the commercial aerospace industry negatively affects the markets of our commercial aviation businesses. In addition, financial market fluctuations affect the value of the company’s pension assets. Changes in the policies of U.S. and foreign governments, including economic sanctions, could result, over time, in reductions or realignment in defense or other government spending and further changes in programs in which the company participates.
While the company’s growth strategy includes possible acquisitions, we cannot provide any assurance as to when, if or on what terms any acquisitions will be made. Acquisitions involve various inherent risks, such as, among others, our ability to integrate acquired businesses, retain key management and customers and achieve identified financial and operating synergies. There are additional risks associated with acquiring, owning and operating businesses internationally, including those arising from U.S. and foreign government policy changes or actions and exchange rate fluctuations.
Additional factors that could cause results to differ materially from those described above can be found in Teledyne’s Annual Report on Form 10-K for the year ended January 1, 2023, as well as subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are on file with the SEC and available in the “Investors” section of Teledyne’s website, teledyne.com, under the heading “Investor Information” and in other documents Teledyne files with the SEC.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. Teledyne assumes no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
A live webcast of Teledyne’s third quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Wednesday, October 25, 2023. To access the call, go to www.teledyne.com/investors/events-and-presentations approximately ten minutes before the scheduled start time. A replay will also be available for one month starting at 12:00 p.m. (Eastern) on Wednesday, October 25, 2023.
TELEDYNE TECHNOLOGIES INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THIRD QUARTER AND NINE MONTHS ENDED OCTOBER 1, 2023 AND OCTOBER 2, 2022 (Unaudited - in millions, except per share amounts) |
||||||||||||||||
|
|
Third
|
|
Third
|
|
Nine
|
|
Nine
|
||||||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
| Net sales |
|
$ |
1,402.5 |
|
|
$ |
1,363.6 |
|
|
$ |
4,210.5 |
|
|
$ |
4,040.4 |
|
| Costs and expenses: |
|
|
|
|
|
|
|
|
||||||||
| Costs of sales |
|
|
797.2 |
|
|
|
785.8 |
|
|
|
2,394.2 |
|
|
|
2,327.0 |
|
| Selling, general and administrative |
|
|
291.9 |
|
|
|
283.7 |
|
|
|
905.3 |
|
|
|
861.4 |
|
| Acquired intangible asset amortization |
|
|
49.1 |
|
|
|
48.9 |
|
|
|
148.1 |
|
|
|
153.8 |
|
| Total costs and expenses |
|
|
1,138.2 |
|
|
|
1,118.4 |
|
|
|
3,447.6 |
|
|
|
3,342.2 |
|
| Operating income (loss) |
|
|
264.3 |
|
|
|
245.2 |
|
|
|
762.9 |
|
|
|
698.2 |
|
| Interest and debt income (expense), net |
|
|
(18.4 |
) |
|
|
(22.0 |
) |
|
|
(61.7 |
) |
|
|
(66.8 |
) |
| Gain (loss) on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
1.6 |
|
|
|
10.6 |
|
| Non-service retirement benefit income (expense), net |
|
|
3.1 |
|
|
|
2.9 |
|
|
|
9.3 |
|
|
|
8.6 |
|
| Other income (expense), net |
|
|
(2.9 |
) |
|
|
5.2 |
|
|
|
(7.4 |
) |
|
|
5.2 |
|
| Income (loss) before income taxes |
|
|
246.1 |
|
|
|
231.3 |
|
|
|
704.7 |
|
|
|
655.8 |
|
| Provision (benefit) for income taxes (a) |
|
|
47.3 |
|
|
|
53.1 |
|
|
|
141.6 |
|
|
|
93.7 |
|
| Net income (loss) including noncontrolling interest |
|
|
198.8 |
|
|
|
178.2 |
|
|
|
563.1 |
|
|
|
562.1 |
|
| Less: Net income (loss) attributable to noncontrolling interest |
|
|
0.2 |
|
|
|
(0.1 |
) |
|
|
0.5 |
|
|
|
(0.1 |
) |
| Net income (loss) attributable to Teledyne |
|
$ |
198.6 |
|
|
$ |
178.3 |
|
|
$ |
562.6 |
|
|
$ |
562.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
| Diluted earnings per common share |
|
$ |
4.15 |
|
|
$ |
3.74 |
|
|
$ |
11.75 |
|
|
$ |
11.79 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
| Weighted average diluted common shares outstanding |
|
|
47.9 |
|
|
|
47.7 |
|
|
|
47.9 |
|
|
|
47.7 |
|
| (a) |
The third quarter of 2023 includes net discrete income tax benefits of $6.1 million and the first nine months of 2023 includes net discrete income tax benefits of $14.1 million. The third quarter of 2022 includes net discrete income tax benefits of $0.3 million and the first nine months of 2022 includes net discrete income tax benefits of $57.8 million. |
|
| This financial statement was prepared in accordance with U.S. GAAP. | ||
| TELEDYNE TECHNOLOGIES INCORPORATED SUMMARY OF SEGMENT NET SALES AND OPERATING INCOME FOR THE THIRD QUARTER AND NINE MONTH S ENDED OCTOBER 1, 2023 AND OCTOBER 2, 2022 (Unaudited - $ in millions) |
||||||||||||||||||||||
|
|
|
Third
|
|
Third
|
|
% Change |
|
Nine
|
|
Nine
|
|
% Change |
||||||||||
|
|
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
|
||||||||||||
| Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Digital Imaging |
|
$ |
775.8 |
|
|
$ |
777.9 |
|
|
(0.3 |
)% |
|
$ |
2,341.6 |
|
|
$ |
2,304.2 |
|
|
1.6 |
% |
| Instrumentation |
|
|
329.1 |
|
|
|
306.4 |
|
|
7.4 |
% |
|
|
991.0 |
|
|
|
927.8 |
|
|
6.8 |
% |
| Aerospace and Defense Electronics |
|
|
183.3 |
|
|
|
169.5 |
|
|
8.1 |
% |
|
|
542.5 |
|
|
|
504.5 |
|
|
7.5 |
% |
| Engineered Systems |
|
|
114.3 |
|
|
|
109.8 |
|
|
4.1 |
% |
|
|
335.4 |
|
|
|
303.9 |
|
|
10.4 |
% |
| Total net sales |
|
$ |
1,402.5 |
|
|
$ |
1,363.6 |
|
|
2.9 |
% |
|
$ |
4,210.5 |
|
|
$ |
4,040.4 |
|
|
4.2 |
% |
| Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Digital Imaging |
|
$ |
136.3 |
|
|
$ |
133.7 |
|
|
1.9 |
% |
|
$ |
383.1 |
|
|
$ |
367.3 |
|
|
4.3 |
% |
| Instrumentation |
|
|
85.5 |
|
|
|
71.1 |
|
|
20.3 |
% |
|
|
247.6 |
|
|
|
216.3 |
|
|
14.5 |
% |
| Aerospace and Defense Electronics |
|
|
49.4 |
|
|
|
44.3 |
|
|
11.5 |
% |
|
|
149.6 |
|
|
|
131.3 |
|
|
13.9 |
% |
| Engineered Systems |
|
|
10.9 |
|
|
|
11.9 |
|
|
(8.4 |
)% |
|
|
32.4 |
|
|
|
29.9 |
|
|
8.4 |
% |
| Corporate expense |
|
|
(17.8 |
) |
|
|
(15.8 |
) |
|
12.7 |
% |
|
|
(49.8 |
) |
|
|
(46.6 |
) |
|
6.9 |
% |
| Operating income (loss) |
|
|
264.3 |
|
|
|
245.2 |
|
|
7.8 |
% |
|
|
762.9 |
|
|
|
698.2 |
|
|
9.3 |
% |
| Interest and debt income (expense), net |
|
|
(18.4 |
) |
|
|
(22.0 |
) |
|
(16.4 |
)% |
|
|
(61.7 |
) |
|
|
(66.8 |
) |
|
(7.6 |
)% |
| Gain (loss) on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
— |
% |
|
|
1.6 |
|
|
|
10.6 |
|
|
(84.9 |
)% |
| Non-service retirement benefit income (expense), net |
|
|
3.1 |
|
|
|
2.9 |
|
|
6.9 |
% |
|
|
9.3 |
|
|
|
8.6 |
|
|
8.1 |
% |
| Other income (expense), net |
|
|
(2.9 |
) |
|
|
5.2 |
|
|
* |
|
|
(7.4 |
) |
|
|
5.2 |
|
|
* |
||
| Income (loss) before income taxes |
|
|
246.1 |
|
|
|
231.3 |
|
|
6.4 |
% |
|
|
704.7 |
|
|
|
655.8 |
|
|
7.5 |
% |
| Provision (benefit) for income taxes (a) |
|
|
47.3 |
|
|
|
53.1 |
|
|
(10.9 |
)% |
|
|
141.6 |
|
|
|
93.7 |
|
|
51.1 |
% |
| Net income (loss) including noncontrolling interest |
|
|
198.8 |
|
|
|
178.2 |
|
|
11.6 |
% |
|
|
563.1 |
|
|
|
562.1 |
|
|
0.2 |
% |
| Less: Net income (loss) attributable to noncontrolling interest |
|
|
0.2 |
|
|
|
(0.1 |
) |
|
* |
|
|
0.5 |
|
|
|
(0.1 |
) |
|
* |
||
| Net income (loss) attributable to Teledyne |
|
$ |
198.6 |
|
|
$ |
178.3 |
|
|
11.4 |
% |
|
$ |
562.6 |
|
|
$ |
562.2 |
|
|
0.1 |
% |
| * not meaningful | ||
| (a) |
The third quarter of 2023 includes net discrete income tax benefits of $6.1 million and the first nine months of 2023 includes net discrete income tax benefits of $14.1 million. The third quarter of 2022 includes net discrete income tax benefits of $0.3 million and the first nine months of 2022 includes net discrete income tax benefits of $57.8 million. |
|
| This financial statement was prepared in accordance with U.S. GAAP. | ||
| TELEDYNE TECHNOLOGIES INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited – in millions) |
||||||
|
|
|
October 1, 2023 |
|
January 1, 2023 |
||
| ASSETS |
|
|
|
|
||
| Cash and cash equivalents |
|
$ |
508.6 |
|
$ |
638.1 |
| Accounts receivable and unbilled receivables, net |
|
|
1,194.9 |
|
|
1,158.4 |
| Inventories, net |
|
|
962.0 |
|
|
890.7 |
| Prepaid expenses and other current assets |
|
|
155.0 |
|
|
130.7 |
| Total current assets |
|
|
2,820.5 |
|
|
2,817.9 |
| Property, plant and equipment, net |
|
|
754.1 |
|
|
769.8 |
| Goodwill and acquired intangible assets, net |
|
|
10,187.2 |
|
|
10,313.6 |
| Prepaid pension assets |
|
|
190.0 |
|
|
178.4 |
| Other assets, net |
|
|
264.0 |
|
|
274.3 |
| Total assets |
|
$ |
14,215.8 |
|
$ |
14,354.0 |
| LIABILITIES AND EQUITY |
|
|
|
|
||
| Accounts payable |
|
$ |
454.9 |
|
$ |
505.7 |
| Accrued liabilities |
|
|
777.1 |
|
|
717.6 |
| Current portion of long-term debt |
|
|
450.1 |
|
|
300.1 |
| Total current liabilities |
|
|
1,682.1 |
|
|
1,523.4 |
| Long-term debt, net of current portion |
|
|
2,794.0 |
|
|
3,620.5 |
| Other long-term liabilities |
|
|
1,013.6 |
|
|
1,037.2 |
| Total liabilities |
|
|
5,489.7 |
|
|
6,181.1 |
| Redeemable noncontrolling interest |
|
|
4.2 |
|
|
3.7 |
| Total stockholders' equity |
|
|
8,721.9 |
|
|
8,169.2 |
| Total liabilities and equity |
|
$ |
14,215.8 |
|
$ |
14,354.0 |
| 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 1, 2023 AND OCTOBER 2, 2022 (Unaudited - in millions, except per share amounts) |
|||||||||||||||||
|
|
Third Quarter 2023 |
|
Third Quarter 2022 |
||||||||||||||
|
|
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 |
||||||
| GAAP |
$ |
246.1 |
|
$ |
198.6 |
|
$ |
4.15 |
|
$ |
231.3 |
|
$ |
178.3 |
|
$ |
3.74 |
| Adjusted for specified items: |
|
|
|
|
|
|
|
|
|
|
|
||||||
| FLIR integration costs |
|
5.8 |
|
|
4.5 |
|
|
0.09 |
|
|
— |
|
|
— |
|
|
— |
| Acquired intangible asset amortization |
|
49.1 |
|
|
37.8 |
|
|
0.79 |
|
|
48.9 |
|
|
37.4 |
|
|
0.78 |
| Acquisition-related tax matters |
|
— |
|
|
1.0 |
|
|
0.02 |
|
|
— |
|
|
0.8 |
|
|
0.02 |
| Non-GAAP |
$ |
301.0 |
|
$ |
241.9 |
|
$ |
5.05 |
|
$ |
280.2 |
|
$ |
216.5 |
|
$ |
4.54 |
|
|
Nine Months 2023 |
|
Nine Months 2022 |
||||||||||||||||
|
|
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 |
||||||||
| GAAP |
$ |
704.7 |
|
$ |
562.6 |
|
$ |
11.75 |
|
$ |
655.8 |
|
$ |
562.2 |
|
|
$ |
11.79 |
|
| Adjusted for specified items: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
| FLIR integration costs |
|
5.8 |
|
|
4.5 |
|
|
0.09 |
|
|
— |
|
|
— |
|
|
|
— |
|
| Acquired intangible asset amortization |
|
148.1 |
|
|
114.0 |
|
|
2.37 |
|
|
153.8 |
|
|
118.1 |
|
|
|
2.48 |
|
| Acquisition-related tax matters |
|
— |
|
|
1.7 |
|
|
0.04 |
|
|
— |
|
|
(48.6 |
) |
|
|
(1.03 |
) |
| Non-GAAP |
$ |
858.6 |
|
$ |
682.8 |
|
$ |
14.25 |
|
$ |
809.6 |
|
$ |
631.7 |
|
|
$ |
13.24 |
|
|
|
|
Third Quarter 2023 |
|
Third Quarter 2022 |
||||||||
|
|
|
Operating income (loss) |
|
Operating margin |
|
Operating income (loss) |
|
Operating margin |
||||
| GAAP |
|
$ |
264.3 |
|
18.8 |
% |
|
$ |
245.2 |
|
18.0 |
% |
| Adjusted for specified items: |
|
|
|
|
|
|
|
|
||||
| FLIR integration costs |
|
|
5.8 |
|
|
|
|
— |
|
|
||
| Acquired intangible asset amortization |
|
|
49.1 |
|
|
|
|
48.9 |
|
|
||
| Non-GAAP |
|
$ |
319.2 |
|
22.8 |
% |
|
$ |
294.1 |
|
21.6 |
% |
|
|
|
Nine Months 2023 |
|
Nine Months 2022 |
||||||||
|
|
|
Operating income (loss) |
|
Operating margin |
|
Operating income (loss) |
|
Operating margin |
||||
| GAAP |
|
$ |
762.9 |
|
18.1 |
% |
|
$ |
698.2 |
|
17.3 |
% |
| Adjusted for specified items: |
|
|
|
|
|
|
|
|
||||
| FLIR integration costs |
|
|
5.8 |
|
|
|
|
— |
|
|
||
| Acquired intangible asset amortization |
|
|
148.1 |
|
|
|
|
153.8 |
|
|
||
| Non-GAAP |
|
$ |
916.8 |
|
21.8 |
% |
|
$ |
852.0 |
|
21.1 |
% |
| TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited - in millions) |
|||||||||||||
|
|
Third Quarter 2023 |
||||||||||||
|
|
GAAP Operating Income (loss) |
|
Acquired intangible asset amortization |
|
FLIR integration costs |
|
Non-GAAP Operating Income (loss) |
||||||
|
|
|
|
|
|
|
|
|
||||||
| Digital Imaging |
$ |
136.3 |
|
|
$ |
45.4 |
|
$ |
5.8 |
|
$ |
187.5 |
|
| Instrumentation |
|
85.5 |
|
|
|
3.5 |
|
|
— |
|
|
89.0 |
|
| Aerospace and Defense Electronics |
|
49.4 |
|
|
|
0.2 |
|
|
— |
|
|
49.6 |
|
| Engineered Systems |
|
10.9 |
|
|
|
— |
|
|
— |
|
|
10.9 |
|
| Corporate expense |
|
(17.8 |
) |
|
|
— |
|
|
— |
|
|
(17.8 |
) |
| Total |
$ |
264.3 |
|
|
$ |
49.1 |
|
$ |
5.8 |
|
$ |
319.2 |
|
|
|
Third Quarter 2022 |
||||||||||||
|
|
GAAP Operating Income (loss) |
|
Acquired intangible asset amortization |
|
FLIR integration costs |
|
Non-GAAP Operating Income (loss) |
||||||
|
|
|
|
|
|
|
|
|
||||||
| Digital Imaging |
$ |
133.7 |
|
|
$ |
44.7 |
|
$ |
— |
|
$ |
178.4 |
|
| Instrumentation |
|
71.1 |
|
|
|
4.0 |
|
|
— |
|
|
75.1 |
|
| Aerospace and Defense Electronics |
|
44.3 |
|
|
|
0.2 |
|
|
— |
|
|
44.5 |
|
| Engineered Systems |
|
11.9 |
|
|
|
— |
|
|
— |
|
|
11.9 |
|
| Corporate expense |
|
(15.8 |
) |
|
|
— |
|
|
— |
|
|
(15.8 |
) |
| Total |
$ |
245.2 |
|
|
$ |
48.9 |
|
$ |
— |
|
$ |
294.1 |
|
|
|
Nine Months 2023 |
||||||||||||
|
|
GAAP Operating Income (loss) |
|
Acquired intangible asset amortization |
|
FLIR integration costs |
|
Non-GAAP Operating Income (loss) |
||||||
|
|
|
|
|
|
|
|
|
||||||
| Digital Imaging |
$ |
383.1 |
|
|
$ |
136.8 |
|
$ |
5.8 |
|
$ |
525.7 |
|
| Instrumentation |
|
247.6 |
|
|
|
10.7 |
|
|
— |
|
|
258.3 |
|
| Aerospace and Defense Electronics |
|
149.6 |
|
|
|
0.6 |
|
|
— |
|
|
150.2 |
|
| Engineered Systems |
|
32.4 |
|
|
|
— |
|
|
— |
|
|
32.4 |
|
| Corporate expense |
|
(49.8 |
) |
|
|
— |
|
|
— |
|
|
(49.8 |
) |
| Total |
$ |
762.9 |
|
|
$ |
148.1 |
|
$ |
5.8 |
|
$ |
916.8 |
|
|
|
Nine Months 2022 |
||||||||||||
|
|
GAAP Operating Income (loss) |
|
Acquired intangible asset amortization |
|
FLIR integration costs |
|
Non-GAAP Operating Income (loss) |
||||||
|
|
|
|
|
|
|
|
|
||||||
| Digital Imaging |
$ |
367.3 |
|
|
$ |
139.6 |
|
$ |
— |
|
$ |
506.9 |
|
| Instrumentation |
|
216.3 |
|
|
|
13.6 |
|
|
— |
|
|
229.9 |
|
| Aerospace and Defense Electronics |
|
131.3 |
|
|
|
0.6 |
|
|
— |
|
|
131.9 |
|
| Engineered Systems |
|
29.9 |
|
|
|
— |
|
|
— |
|
|
29.9 |
|
| Corporate expense |
|
(46.6 |
) |
|
|
— |
|
|
— |
|
|
(46.6 |
) |
| Total |
$ |
698.2 |
|
|
$ |
153.8 |
|
$ |
— |
|
$ |
852.0 |
|
| TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited - in millions) |
||||||||
|
|
|
October 1, 2023 |
|
January 1, 2023 |
||||
| Current portion of long-term debt - GAAP |
|
$ |
450.1 |
|
|
$ |
300.1 |
|
| Long-term debt - GAAP |
|
|
2,794.0 |
|
|
|
3,620.5 |
|
| Total debt - non-GAAP |
|
|
3,244.1 |
|
|
|
3,920.6 |
|
| Less cash and cash equivalents - GAAP |
|
|
(508.6 |
) |
|
|
(638.1 |
) |
| Net debt - non-GAAP |
|
$ |
2,735.5 |
|
|
$ |
3,282.5 |
|
|
|
|
Fourth Quarter 2023 |
|
Twelve Months 2023 |
||||||||
|
|
|
Low |
|
High |
|
Low |
|
High |
||||
| GAAP Diluted Earnings Per Common Share Outlook |
|
$ |
4.07 |
|
$ |
4.21 |
|
$ |
15.82 |
|
$ |
15.96 |
| Adjusted for specified items: |
|
|
|
|
|
|
|
|
||||
| FLIR integration costs |
|
|
0.07 |
|
|
0.05 |
|
|
0.16 |
|
|
0.14 |
| Acquired intangible asset amortization |
|
|
0.81 |
|
|
0.79 |
|
|
3.18 |
|
|
3.16 |
| Acquisition-related tax matters |
|
|
— |
|
|
— |
|
|
0.04 |
|
|
0.04 |
| Non-GAAP Diluted Earnings Per Common Share Outlook |
|
$ |
4.95 |
|
$ |
5.05 |
|
$ |
19.20 |
|
$ |
19.30 |
